Binance to Perform Reverse Splits on Uniswap, Litecoin-Linked Tokens – Coindesk


Crypto exchange Binance said it will perform reverse splits on certain trading tokens linked to litecoin and uniswap.

  • UNIDOWN and LTCDOWN – which generate leveraged gains when the underlying crypto assets decrease in price – will undergo a 100,000:1 reverse token split, Binance announced Monday.

  • This process consolidates existing tokens into a smaller number with higher value.

  • Users with 1 million of the tokens before the split will have 10 after, users with 1 billion tokens before the split will have 10,000 after and so on.

  • Binance will suspend trading in the tokens at 3:00 a.m. UTC Aug. 17, taking a snapshot of the balance in users’ accounts, then update them 24 hours later before resuming trading.

  • The company advised users to redeem their existing tokens into USDT before the start of the split to protect against fluctuations in price during the process.

This content is for informational purposes only and should not be construed as investment advice. Nothing mentioned in this article constitutes any type of solicitation, recommendation, offer or endorsement to buy and sell any crypto asset. Trading in any financial market involves risk and can result in loss of funds. Before investing any money, one should always conduct thorough research and seek professional advice.

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About the Author: Kate