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ETH $3132.06 (6.59%)
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BCH $545.16 (3.27%)
BSV $146.03 (-1.9%)
LTC $161.11 (2.83%)
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DOGE $0.22 (5.49%)

Binance Announces Reverse Token Split Linked to LTC and UNI

Binance Announces Reverse Token Split Linked to LTC and UNI
  • Binance announces it will perform a reverse token split.
  • The exchange will perform it to certain tokens linked to Litecoin and Uniswap.
  • They advised users to redeem existing tokens into USDT before the start of the split.

Today, one of the leading crypto exchange Binance announces it will perform a reverse split on certain tokens linked to Litecoin (LTC) and Uniswap (UNI).

The exchange further explained:

To provide a better trading experience for our users, UNIDOWN and LTCDOWN will undergo a 100,000-for-1 reverse token split. The reverse token split process will take approximately 24 hours. 100,000 UNIDOWN (before the reverse split) = 1 UNIDOWN (after the reverse split) and 100,000 LTCDOWN (before the reverse split) = 1 LTCDOWN (after the reverse split).

Moreover, Binance shared a timeline for this reverse token split. On August 17, 2021, at 03:00 AM (UTC), they will suspend trading, subscription, and redemption of UNIDOWN and LTCDOWN tokens. The next day, new balances will be updated accordingly and trading will open for UNIDOWN/USDT and LTCDOWN/USDT.

Thus, users with 1 million of the tokens before the split will have 10 after. Likewise, users with 1 billion tokens before the split will have 10,000 after and so on.

Apart from this, Binance also advised its users to redeem their existing tokens into USDT before the start of the split to protect against fluctuations in price during the process. They also remind all the Binancians that any changes in the net asset value (NAV) of tokens might be reflected on the token’s NAV K-line graph.

Of note, a reverse split token is a process that consolidates the existing number of tokens into a smaller number with a higher value.

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Britney is a market analyst who covers stories about the cryptocurrency world. She holds a Business Administration Degree in Finance and aims to let the readers understand crypto from a beginner perspective.