Binance to Halt Polygon’s MATIC Trades for Upcoming POL Swap, Warns Users of Potential Scams

Binance, the world's largest cryptocurrency exchange, announced its support for the migration of Polygon's native token from MATIC to POL. To facilitate this transition, Binance will halt deposits and withdrawals of MATIC by September 9, 2024, as part of the token upgrade to POL, which will play a significant role in the Polygon AggLayer.

The token swap will be automatic for MATIC holders on Binance at a 1:1 ratio, meaning users do not need to take any action. However, before the swap, Binance will delist all MATIC trading pairs and suspend pending spot trading orders starting September 10, 2024. This will affect pairs such as MATIC/BNB, MATIC/BTC, and MATIC/USDT. Trading for new POL pairs will open on September 13, 2024, with all previous MATIC pairs being available for POL.

Additionally, Binance will close all MATIC futures positions on September 9 and delist those contracts after automatic settlement. Users with open futures positions are advised to close them before the deadline. MATIC margin trading will also be impacted, with isolated margin borrowing being suspended on September 2 and all MATIC pairs removed from Cross and Isolated Margin by September 5.

In preparation for the token swap, the Polygon Foundation recently transferred 10 million MATIC (valued at $4.63 million) to Binance, continuing a trend of significant MATIC transfers to the exchange since June. These transfers have contributed to a decline in MATIC's price, which has dropped 4% today and 17% over the past week.

The upgrade to POL is expected to enhance the token's productivity and utility across multiple chains as the Polygon network expands. However, users are warned to be vigilant against scams, especially after a recent breach on Polygon's Discord server allowed scammers to post phishing links.