A few days ago Binance delisted all BTT trading pairs from its trading platform, following a contract migration which lead to an increase in supply of the TRX token.
This is an excerpt from the Binance notice.
Fellow Binancians,Binance will support the BitTorrent (BTT) token migration, 1:1,000 redenomination plan and renaming plan. Further details about this change are shown on the timeline below:
- At 2022-01-11 02:00 (UTC), Binance will suspend BTT/BUSD and BTT/USDT cross margin borrowing, and BTT/BUSD and BTT/USDT isolated margin borrowing.
- At 2022-01-14 06:00 (UTC), Binance will suspend BTT Flexible Savings subscription, and all BTT subscribing to Flexible Savings will be automatically redeemed and deposited into users’ spot wallets on the same day. Rewards from BTT Flexible Savings will be calculated and distributed before the suspension based on the subscription time and amount.
- Deposits and withdrawals of BTT will be suspended at 2022-01-17 02:00 (UTC). Please ensure that you leave sufficient time for your BTT deposits to be fully processed prior to this time. If deposited after this time, the tokens will not be credited to your account.
- Binance will delist all existing BTT spot trading pairs (BTT/USDT, BTT/BUSD, BTT/USDC, BTT/BNB, BTT/TRX, BTT/TUSD, BTT/TRY, BTT/EUR, BTT/BRL) at 2022-01-17 04:00 (UTC) and all pending spot trade orders will be cancelled.
- Binance will recover all old BTT balances and begin the distribution of new BTT, which will be renamed as BTTC, to all eligible users at a ratio of 1 BTT (Old) = 1,000 BTTC.
- After the token migration, the old BTT tokens will be renamed as BTTOLD, and the new tokens’ ticker will be BTTC.
- Trading will then open for BTTC/USDT, BTTC/USDC and BTTC/TRY spot trading pairs at 2022-01-25 04:00 (UTC). BTTC/BTC and BTTC/BNB spot trading pairs will not be listed.
- Binance will make a separate announcement after the token swap is complete to notify users when deposits and withdrawals of BTTC will open.
- Thereafter, users will be able to use the convert function to swap their BTTOLD for new BTTC tokens.
- New BTTC (TRC20) contract address: TAFjULxiVgT4qWk6UZwjqwZXTSaGaqnVp4
Earlier today, BitTorrent notified its users via their Twitter handle about the Binance listing.
Here’s BTTC’s current chart with the price currently at $0.00000198
Some users didn’t find this interesting, and lots of users have also expressed their views on this.
on binance before closing the price was 0.00277 and now it's 0.00000184 … this is called theft
— Tyler Durden (@TylerKingFigh) January 25, 2022
But what do you think? Is this a welcomed development or are they letting their investors down?