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Important Updates to SXPDOWN Binance Leveraged Token

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Source- https://www.binance.com/en/support/announcement/a43a407fd48f44d29ecc59bb86772c25?ref=JLI1VBLA&utm_source=BinanceTwitter&utm_medium=GlobalSocial&utm_campaign=GlobalSocial

Fellow Binancians,To provide a better trading experience for our users, SXPDOWN will undergo a 10,000-for-1 reverse token split, starting at 2021-03-10 06:00 AM (UTC). The reverse token split process will take approximately 24 hours, with the following timeline:

  • At 2021-03-10 06:00 AM (UTC), we will suspend trading, subscription, and redemption of SXPDOWN tokens. All existing trade orders will be canceled. We will then take a snapshot of SXPDOWN balances in users’ accounts and begin the reverse token split of SXPDOWN tokens at a ratio of 10,000 SXPDOWN (before the reverse split) = 1 SXPDOWN (after the reverse split).
  • At 2021-03-11 06:00 AM (UTC), new SXPDOWN balances will be updated, and we will open trading for SXPDOWN/USDT. Subscription and redemption functions for SXPDOWN tokens will also be opened at this time.

About the SXPDOWN Reverse Token SplitA reverse token split is a process that consolidates the existing number of issued tokens into a smaller number of proportionally more valuable tokens. Based on the ratio of 10,000 SXPDOWN (before the reverse split) = 1 SXPDOWN (after the reverse split), if the total number of issued SXPDOWN tokens is 100 billion tokens before the reverse token split, the total number of issued SXPDOWN tokens after the reverse token split will be 10 million tokens. If a user holds 1,000,000 SXPDOWN tokens before a 10,000-for-1 reverse token split, the user would end up holding 100 SXPDOWN tokens after the reverse token split.
Important Notes:

  • During this 24-hour reverse token split process, any changes in net asset value (NAV) of SXPDOWN tokens might be reflected on SXPDOWN’s NAV K-line graph. Please be noted that the NAV of SXPDOWN might be incorrect due to the reverse token split process.
  • It is strongly recommended for SXPDOWN token holders to re-assess their holding risk before the start of the reverse token split process to mitigate against the price fluctuations that may occur during the reverse token split process. Users are advised to trade or redeem their SXPDOWN tokens into USDT before the start of the reverse token split process. For more information, please refer to this guide: About Binance Leveraged Tokens.
  • If users are holding SXPDOWN tokens after 2021-03-10 06:00 AM (UTC), Binance will consolidate these tokens at a ratio of 10,000 SXPDOWN (before the reverse split) = 1 SXPDOWN (after the reverse split) and update the SXPDOWN tokens balances at 2021-03-11 06:00 AM (UTC) after the reverse token split is complete. Due to unit limitations, the new SXPDOWN balances will be updated up to 8 decimal places only.
  • Users will have a 15-minute window after the reverse token split is complete to subscribe or redeem before trading resumes.
  • The 24-hour time is based on our best estimates and may vary. We will post a further announcement to inform users when trading, subscription, and redemption will resume after the reverse token split is complete.

Risk Warning: Leveraged Tokens are designed for short-term bets on market movement, with a preference toward momentum. Long-term holding of Binance Leveraged Tokens (BLVT) is risky, as the token has some built-in decay in the absence of momentum movements in favor of the position. Note that BLVT is NOT a replacement for a margin leveraged product, and does not behave the same way. The information here should not be regarded as financial or investment advice from Binance. All trading strategies are used at your discretion and at your own risk. Binance will not be liable to you for any loss that might arise from your use of Leveraged Tokens.Thanks for your support!Binance Team2021-03-03

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