Binance has announced the listing of two new tokens on different networks. The first integration pertains to PancakeSwap making a debut on Ethereum. Another listing is of Kyber Network on Polygon Network. The native tokens that are going live with these integrations are CAKE and KNC, respectively.
Binance has started accepting deposits and withdrawals of these tokens on the platform. Smart Contract addresses are different for CAKE’s ERC20 and KNC’s Polygon.
Binance Exchange falls under the umbrella of the BInance Brand. It further houses DeFi Wallet, Launchpad, OTC Trading, Charity, and Research, to mention a few. Binance further facilitates the purchase of cryptocurrencies through different payment methods. This includes bank deposits, credit cards, debit cards, and cash balances. Acceptance of fiat currencies depends on their presence in the region and regulatory approval at the moment.
Binance application comes with 2-step authentication. Users only have to download the Binance authenticator to enable the additional layer of security. Binance exchange, through the mobile application, aims to facilitate the instant reaction of users to the market, helping them minimize the loss that would otherwise be incurred.
Needless to say, CAKE and KNC are available on the platform only if it operates in the region.
The development follows Binance adding ATA and SEI on Cross Margin as borrowable assets. SEI has also been launched on an Isolated Margin.
Newly available pairs on Cross Margin are:
The New Isolated Margin pair is:
Binance announced in mid-August that it is planning to launch a USD-M SEI perpetual contract with a maximum of 20x leverage. Most recently, Binance shared the news that it is now converting select tokens as they will no longer be available for trading. Users who are eligible and hold these tokens in their wallets will see the process begin in the coming days. Old tokens will no longer feature on Binance and, therefore, will be unavailable for the purpose of trading. The conversion ratio is pegged to 1:1.
Tokens selected are:
- KNCL – They will be converted into KNC
- ANTOLD – They will be converted into ANT
- XDATA – They will be converted into DATA
Per the announcement, holders of these tokens can expect the conversion process to conclude by August 31, 2023, 23:59 UTC. Users are required to submit a Deposit Status Query for tokens that are eligible but have not been credited to the account balance.
Having said that, listing CAKE and KNC on the respective networks paves the way for users to engage with the tokens through Binance mobile application. Users can skip the unnecessary steps of accessing their accounts through the desktop platform. They can instead operate the iOS and Android mobile applications of Binance to deposit and/or withdraw these tokens on the go.
Binance bringing CAKE and KNC to networks makes it convenient for users to deposit and withdraw the tokens conveniently.