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Binance to Perform Reverse Splits on Uniswap, Litecoin-Linked Tokens
The exchange will consolidate UNIDOWN and LTCDOWN tokens by 100,000 to 1.
Crypto exchange Binance said it will perform reverse splits on certain trading tokens linked to litecoin and uniswap.
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- UNIDOWN and LTCDOWN – which generate leveraged gains when the underlying crypto assets decrease in price – will undergo a 100,000:1 reverse token split, Binance announced Monday.
- This process consolidates existing tokens into a smaller number with higher value.
- Users with 1 million of the tokens before the split will have 10 after, users with 1 billion tokens before the split will have 10,000 after and so on.
- Binance will suspend trading in the tokens at 3:00 a.m. UTC Aug. 17, taking a snapshot of the balance in users' accounts, then update them 24 hours later before resuming trading.
- The company advised users to redeem their existing tokens into USDT before the start of the split to protect against fluctuations in price during the process.
Read more: Binance to Wind Down Hong Kong Derivatives Trading in Switch to ‘Proactive’ Compliance Stance
Jamie Crawley
Jamie has been part of CoinDesk's news team since February 2021, focusing on breaking news, Bitcoin tech and protocols and crypto VC. He holds BTC, ETH and DOGE.
