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Binance to Support Tron (TRX) Token Migration

In a tweet a little over 12 hours ago, popular cryptocurrency exchange, Binance, announced that it will be supporting the Tron (TRX) migration that will take place on the 21st of June this year.

In the tweet, the exchange announced the following:

“#Binance Will Support #Tron $TRX MainNet Token Swap. When the swap occurs, we will handle all technical requirements involved for all users holding #TRX.”

Binance adds to the list of already TRX migration compatible exchanges that have been announced previously by the Tron foundation and as we head to the due date in June. Of noteworthy mentioning are the exchanges of Bitfinex and Bittex that will also be supporting the migration on the 21st of June.

The Tron foundation is keen to add the following through their website about the migration.

“Token migration from ERC20 TRX to Mainnet TRX will occur between June 21st – June 25th (GMT+8). If your TRX is held on an exchange, no action is required. If your TRX is held in a wallet, you must deposit your TRX to an exchange before June 24, 2018 to avoid any losses. From June 21st– 25th, TRX withdrawals on exchanges will be suspended. On June 25th, both TRX deposits and withdraws on exchanges will be suspended. Deposits and withdraws will resume on June 26th. During this period, TRX trading will not be affected. If your TRX is held in a wallet and you were not aware of the migration notice, or saw the migration notice after June 25th, please visit our permanent token-exchange counter to exchange your tokens for Mainnet TRX.”

The early communication by the Tron foundation is to be admired as we head to the Main Net countdown that has been scheduled for the 31st of May and the aforementioned Token migration. The current countdown to Main Net launch counts 21 days 15 hours and 47 minutes. Only 3 weeks left.

In terms of the three exchanges of Binance, Bitfinex and Bittrex, they are ranked second, fifth and twelfth on coinmarketcap.com and according to the trade volume of all exchanges: those that charge trading fees and those that do not.

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Binance is currently doing a whopping $2.516 Billion in daily trade volume at the moment of writing this. Bitfinex on the other hand is doing $937.47 Million and Bittrex is doing $262.47 Million also at the moment of writing these. These are big exchanges that are adding much needed liquidity to TRX.

[Photo source, @binance]
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Obi Wan Crypto

May the blockchain be with you!

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