Binance to Facilitate WazirX (WRX) Token Swap Across Multiple Networks

In
an
important
development
for
the
WazirX
community,
Binance
has
announced
its
support
for
the
WazirX
(WRX)
contract
swap.
This
strategic
move
will
include
the
integration
of
WRX
tokens
across
the
BNB
Smart
Chain
(BEP20),
Ethereum
(ERC20),
and
BNB
Beacon
Chain
(BEP2)
networks,
according
to
Binance.

Suspension
of
Old
WRX
Tokens

Binance
has
detailed
that
all
deposits
and
withdrawals
of
the
old
WRX
tokens
will
be
suspended
starting
from
June
4,
2024,
at
16:00
(UTC).
Users
are
advised
to
ensure
that
their
old
WRX
token
deposits
and
withdrawals
are
fully
processed
before
this
cutoff
time
to
avoid
any
inconvenience.

Trading
Services
Unaffected

Despite
the
suspension
of
deposits
and
withdrawals
for
old
WRX
tokens,
Binance
has
assured
users
that
other
trading
services
such
as
spot
trading,
margin
trading,
futures
trading,
and
Binance
Earn
services
will
remain
unaffected
during
the
contract
swap.
Additionally,
Binance
will
manage
all
technical
requirements
for
users
involved
in
this
swap
event.

Swap
Ratio
and
Next
Steps

The
contract
swap
will
replace
old
WRX
tokens
(WRXOLD)
with
new
WRX
tokens
at
a
1:1
ratio.
After
the
swap
is
complete,
Binance
will
issue
a
separate
announcement
to
notify
users
when
deposits
and
withdrawals
for
the
new
WRX
tokens
will
be
available.

Community
Response
and
Market
Impact

This
announcement
comes
at
a
time
when
the
cryptocurrency
market
is
witnessing
increased
regulatory
scrutiny
and
a
need
for
better
security
measures.
Binance’s
proactive
step
to
support
the
WRX
contract
swap
is
likely
to
be
seen
as
a
positive
move,
aiming
to
provide
seamless
integration
and
enhanced
security
for
WRX
token
holders.

Image
source:
Shutterstock

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