Binance Delists BTC, ETH, BNB Spot Trading Pairs But Here's The Catch

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Binance To Launch ASI Trading Ahead Of FET, OCEAN, & AGIX Merger – Crypto News

Published

1 year ago

June 14, 2024

Dripp

Binance will soon debut the trading of the new Artificial Superintelligence (ASI) token on July 5, in anticipation of the merger of Fetch.ai (FET), Ocean Protocol (OCEAN), and SingularityNET (AGIX). Notably, the announcement has gained notable traction as Binance decides to list the token ahead of the merger completion.

For context, the Artificial Superintelligence Alliance plans for a seamless integration of these AI-focused cryptocurrencies on July 5.

Binance To Launch ASI Token Trading

Binance’s decision to support the upcoming ASI token, a product of merging FET, OCEAN, and AGIX, marks a significant step in the evolution of AI cryptocurrencies. Notably, the ASI token merger, initially set for June 13, is now rescheduled to July 15.

However, according to a recent Binance announcement, the ASI token trading will launch on July 5, ahead of the merger date announced by the ASI team. In its announcement, Binance has provided a detailed update on managing the technicalities of this merger.

Meanwhile, in preparation for the merger, Binance will suspend deposits and withdrawals of FET, OCEAN, and AGIX starting July 1. The crypto exchange said that it will handle all technical requirements, ensuring a smooth transition to the ASI token for its users.

Besides, the announcement notes that the trading pairs for FET, OCEAN, and AGIX will be delisted, and all associated orders will be automatically removed. It’s worth noting that the conversion ratios for the tokens are set:

1 FET will be equivalent to 1 ASI.
1 OCEAN will convert to 0.433226 ASI.
1 AGIX will convert to 0.433350 ASI.

These ratios reflect the current valuations and the strategic alignment within the Artificial Superintelligence Alliance. After the merger, Binance will reopen deposits and withdrawals for ASI, effectively phasing out the original tokens from the platform.

Also Read: BNB Chain & Binance Labs Launch BNB Incubation Alliance (BIA)

A Closer Look Into The Report

ASI token will be available for trading against multiple pairs including BNB, BTC, BRL, FDUSD, TRY, USDC, and USDT from July 5 on Binance. This diverse range of pairs is designed to provide traders with multiple options to leverage the new token in various market scenarios.

In addition, Binance has also planned to delist and settle all futures contracts related to FET, OCEAN, and AGIX by June 25, a move aimed at mitigating risks during the transition phase. For margin traders, the crypto exchange will delist the relevant cross and isolated margin pairs for FET, OCEAN, and AGIX by June 26.

Notably, Binance has advised users to close or transfer their positions to avoid potential losses during this delisting process. Moreover, all outstanding loan positions and flexible earn products associated with these tokens will be closed and automatically converted to ASI.

The merger and introduction of ASI reflect a broader trend in the cryptocurrency industry toward consolidation and technological integration. By aligning FET, OCEAN, and AGIX under a unified ASI token, the Artificial Superintelligence Alliance aims to enhance the functionality and marketability of AI coins.

Talking about the prices of these cryptos, FET price was down 2.39% and exchanged hands at $1.60, with OCEAN price falling 2.87% to $0.6793. Over the last seven days, both these tokens have lost 21.30 and 22.31%, respectively.