Binance Will Support the NuCypher ($NU) and Keep Network ($KEEP) Token Merge
Binance will support the NuCypher (NU) and Keep Network (KEEP) token merge to Threshold Network Token (T). Further details about this change are shown in the timeline below:
At 2022-02-10 02:00 (UTC), Binance will suspend NU/USDT, NU/BUSD, KEEP/USDT, KEEP/BUSD and KEEP/BTC isolated margin borrowing and KEEP/USDT, KEEP/BUSD and KEEP/BTC cross margin borrowing.
At 2022-02-10 06:00 (UTC), Binance will adjust the maximum leverage for the KEEP/USDT futures contracts to 25x. Please note that existing positions will not be affected. For further details, please refer to Leverage and Margin of USDT Futures Contracts and the Trading Rules page.
At 2022-02-15 02:00 (UTC), we will close all NU and KEEP margin positions, conduct an automatic settlement and cancel all pending NU and KEEP margin orders, and then delist the NU/USDT, NU/BUSD, KEEP/USDT, KEEP/BUSD and KEEP/BTC isolated margin trading pairs, and KEEP/USDT, KEEP/BUSD and KEEP/BTC cross margin trading pairs. A separate announcement will be made for the listing of T margin trading pairs.
At 2022-02-15 02:00 (UTC), Binance Futures will close all NU and KEEP futures positions, conduct an automatic settlement and cancel all pending orders on NU/USDT and KEEP/USDT futures contracts, and then delist these contracts. Please refer to the Delisting Process of Futures Contracts for more details. A separate announcement will be made for the listing of T futures contracts. Please be aware that in the event of extreme price movement or deviation from the index price, Binance Futures will undertake additional protective measures, including but not limited to adjusting the margin tiers including maximum leverage value, position value and maintenance margin in each tier, updating the funding rates including 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. For further details, please refer to the Price Index.
At 2022-02-15 06:00 (UTC), Binance will suspend NU and KEEP Flexible Savings subscription, and all NU and KEEP subscribing to Flexible Savings will be automatically redeemed and deposited into users’ spot wallets on the same day. Rewards from NU and KEEP Flexible Savings will be calculated and distributed before the suspension based on the subscription time and amount.
Deposits and withdrawals of NuCypher (NU) and Keep Network (KEEP) will be suspended at 2022-02-16 02:00 (UTC). Please ensure that you leave sufficient time for your NU and KEEP deposits to be fully processed prior to this time.
Binance will delist all existing NU and KEEP spot trading pairs (NU/USDT, NU/BUSD, NU/RUB, NU/BNB, NU/BTC, NU/AUD, KEEP/USDT, KEEP/BUSD, KEEP/BNB, and KEEP/BTC) and cancel all pending NU and KEEP spot orders at 2022-02-16 04:00 (UTC).
Following which, we will recover all NU and KEEP balances and begin the distribution of T to all eligible users at a ratio of 1 NU = 3.26 T, and 1 KEEP = 4.78 T.
Trading will then open for T/USDT and T/BUSD spot trading pairs at 2022-02-25 04:00 (UTC).
Binance will make a separate announcement after the merge is completed to notify users when deposits and withdrawals of T will be opened.
The token merge may be dilutive to either NuCypher (NU) or Keep Network (KEEP) token holders depending on the relative price of both tokens.
Deposits of NuCypher (NU) and Keep Network (KEEP) that come in after 2022-02-16 02:00 (UTC) will not be credited and will only be reflected after spot trading of T is opened.
NU and KEEP balances can be recovered at any point of time after NU and KEEP spot trading pairs are delisted. Please be assured that your assets are safe.
Distribution of T will be completed by 2022-02-25 03:30 (UTC) at the latest before trading of T is opened.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.