Binance Will Support the Cocos-BCX (COCOS) Token Swap & Rebranding Plan to COMBO (COMBO) | Binance Support

Binance 2023-05-17 23:55:00

Fellow Binancians,

Binance will support the Cocos-BCX (COCOS) token swap and rebranding plan to COMBO (COMBO).

Timeline:

At 2023-05-25 08:30 (UTC), Binance Futures will suspend trading for the USDT-Margined COCOS Perpetual Contract. Please note that users are allowed to close any existing positions after this time.
- Binance Futures will adjust the leverage and margin tiers of the USDT-Margined COCOS Perpetual Contract at 2023-05-18 09:00 (UTC), as per the table below. Existing positions opened before the update will be affected. It is strongly advised to adjust the position and leverage prior to the adjustment in order to avoid any potential liquidation.
- At 2023-05-25 09:00 (UTC), Binance Futures will close all positions, conduct an automatic settlement and cancel all pending orders on the USDT-Margined COCOS Perpetual Contract, and delist this contract after the settlement is complete.
- Users are advised to close any open positions prior to 2023-05-25 09:00 (UTC) to avoid automatic settlement. Please refer to the delisting process of futures contracts for more details.

Previous Leverage and Margin Tiers			New Leverage and Margin Tiers
Leverage Before Change	Position Before Change (Notional Value in USDT)	Maintenance Margin Rate (Before Change)	Leverage After Change	Position After Change (Notional Value in USDT)	Maintenance Margin Rate (After Change)
16 - 20x	0 < Position ≤ 5,000	2.00%	8x	0 < Position ≤ 5,000	2.00%
11 - 15x	5,000 < Position ≤ 25,000	2.50%	7x	5,000 < Position ≤ 25,000	2.50%
6 - 10x	25,000 < Position ≤ 100,000	5.00%	6x	25,000 < Position ≤ 100,000	5.00%
3 - 5x	100,000 < Position ≤ 250,000	10.00%	3 - 5x	100,000 < Position ≤ 250,000	10.00%
2x	250,000 < Position ≤ 1,000,000	12.50%	2x	250,000 < Position ≤ 1,000,000	12.50%
1x	1,000,000 < Position ≤ 5,000,000	50.00%	1x	1,000,000 < Position ≤ 1,500,000	50.00%

A separate announcement will be made for relisting.
Binance Futures may undertake additional protective measures toward the USDT-Margined COCOS Perpetual Contract without further announcement, including but not limited to adjusting the maximum leverage value, position value, and maintenance margin in each margin tier, updating funding rates such as the interest rate, premium and capped funding rate, changing the constituents of the price index, and using the Last Price Protected mechanism to update the Mark Price.

At 2023-05-19 08:00 (UTC), Binance will suspend COCOS/USDT cross and isolated margin borrowing.
- At 2023-05-25 08:00 (UTC), Binance will close users’ positions, conduct an automatic settlement and cancel all pending orders on the COCOS/USDT cross and isolated margin pairs. If users have any outstanding cross margin and/or isolated margin loans, COCOS assets held in their cross margin and/or isolated margin accounts may be sold. We will then delist these pairs from cross margin and isolated margin.
- A separate announcement will be made for relisting.
- Portfolio Margin users are advised to transfer COCOS out of their Margin Wallet to their Spot Wallet and to top up their margin balance, if required before 2023-05-25 08:00 (UTC). Users should monitor the Unified Maintenance Margin Ratio (Uni-MMR) closely to avoid any potential liquidation that may result from the removal of COCOS from the Margin Wallet.
At 2023-05-25 08:00 (UTC), Binance Auto-Invest will delist COCOS. Users who have COCOS in the Single Token Plan will have the plans paused, and cannot edit the plan. Portfolio Plans containing COCOS will have COCOS removed from the plan and plan will continue. Users can check their assets purchased with Auto-Invest in their Simple Earn Flexible Products account or spot wallet. Refer to Auto-Invest Terms of Use for more.
At 2023-05-26 08:00 (UTC), Binance Simple Earn will cease support for COCOS Flexible and Locked Products, and subscriptions will no longer be available.
- For existing subscriptions, COCOS balances in Simple Earn Flexible and Locked Products will be automatically redeemed and credited to users’ spot wallets before 2023-05-29 06:00 (UTC), where applicable. Please note that the accrued APR rewards from Simple Earn Locked Products will not be forfeited due to automatic redemption.
At 2023-05-26 08:00 (UTC), Binance VIP Loan will delist COCOS as a collateral asset.
- VIP Loan users are strongly advised to monitor the Loan-to-Value (LTV) ratios for their loan orders to ensure their LTV ratios remain healthy with COCOS removed as collateral, to avoid any potential losses.
At 2023-05-29 08:00 (UTC), Binance will delist all existing COCOS spot trading pairs (i.e., COCOS/USDT, COCOS/BUSD, COCOS/BNB and COCOS/TRY) and cancel all pending COCOS spot trade orders.
- At 2023-05-29 08:00 (UTC), Binance will terminate Trading Bots services for the aforementioned spot trading pairs, where applicable.
- Users are strongly advised to update and/or cancel their Trading Bots prior to the cessation of Trading Bots services to avoid any potential losses.
At 2023-05-29 08:00 (UTC), Binance will delist and remove COCOS from the list of supported cryptocurrencies on Binance Pay.
At 2023-05-29 08:30 (UTC), deposits and withdrawals of COCOS will be suspended. Please ensure that you leave sufficient time for your COCOS deposits to be fully processed prior to this time.

Details of Token Swap & Services Supporting COMBO (COMBO):

Binance will recover all Cocos-BCX (COCOS) balances, and begin the distribution of COMBO (COMBO) to all eligible users at a ratio of 1 COCOS = 1 COMBO.
At 2023-06-02 08:00 (UTC), trading will open for COMBO/USDT, COMBO/BNB and COMBO/TRY spot trading pairs.
Binance will make a separate announcement after the token swap is complete to notify users when deposits and withdrawals of COMBO (COMBO) will be opened.
Please note that deposits and withdrawals of COMBO (COMBO) via the BNB Beacon Chain (BEP2) will not be supported. Refer to the following COMBO (COMBO) smart contract addresses:
- BNB Smart Chain (BEP20): 0xc03fBF20A586fa89C2a5f6F941458E1Fbc40c661
- Ethereum (ERC20): 0xc03fBF20A586fa89C2a5f6F941458E1Fbc40c661

For More Information:

COMBO Takes Center Stage: Web3 Game Scaling Solution Cocos-BCX Reveals New Name and 1st Batch of Ecosystem Partners
COMBO Rebranding: Introducing Updated ERC-20 and BEP-20 Smart Contracts

Thanks for your support!

Binance Team

2023-05-18

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Binance reserves the right in its sole discretion to amend or cancel this announcement at any time and for any reasons without prior notice.

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