Transitioning artificial intelligence tokens: Binance delists OCEAN and AGIX, merges with Fetch.ai
Crypto News – Binance Updates Trading Policy: Binance, one of the world’s leading digital asset exchanges, has announced a significant change to its platform by delisting AI crypto tokens Ocean Protocol (OCEAN) and SingularityNET (AGIX) from its spot trading pairs.
This move will take effect on July 1, 2024. The specific trading pairs affected by this decision include AGIX/BTC, AGIX/FDUSD, AGIX/TRY, AGIX/USDT, OCEAN/BNB, OCEAN/BTC, OCEAN/TRY, and OCEAN/USDT.
Alongside the spot trading pairs, Trading Bot services associated with these pairs will also be terminated on the same date.
In preparation for this transition, Binance will suspend deposits and withdrawals for both OCEAN and AGIX starting from July 1, 2024, at 3:30 a.m. (UTC). This suspension will ensure that all transactions involving these tokens are settled before the delisting.
Furthermore, Binance Futures will proactively close and settle all positions on OCEANUSDT and AGIXUSDT perpetual contracts by June 25, 2024, at 9:00 a.m. (UTC). This pre-emptive closure is aimed at mitigating any potential market disruption that could arise from the delisting.
Additionally, Binance Margin will delist the AGIX/BTC, AGIX/USDT, OCEAN/BTC, and OCEAN/USDT margin pairs on June 26, 2024, at 6:00 a.m. (UTC).
Any existing balances in these pairs will be converted to USDT, providing a seamless transition for users. This conversion is intended to protect users’ assets and ensure they retain liquidity in a widely accepted stablecoin.
Beyond trading pairs and margin trading, Binance will cease support for OCEAN and AGIX on Binance Pay from July 1, 2024. This will mean users will no longer be able to utilize these tokens for transactions or transfers through the Binance Pay service.
Moreover, the issuance of gift cards for these tokens will be discontinued on July 28, 2024, removing another avenue for their use within the Binance ecosystem.
To streamline its offerings, Binance’s Auto-Invest service will delist OCEAN and AGIX tokens after June 18, 2024. Similarly, the Buy & Sell Crypto feature will no longer support these tokens starting June 20, 2024.
The Funding Rate Arbitrage Bot will also close all strategies involving OCEAN and AGIX by June 25, 2024, ensuring that all investment strategies are settled and closed before the delisting.
This comprehensive delisting decision is part of Binance’s broader strategic alignment to support the merging of these tokens into Fetch.ai (FET), which will operate under the new name Artificial Superintelligence Alliance.
The merger aims to consolidate the efforts and technologies of these projects, creating a more robust and unified AI ecosystem. This move is expected to enhance the development and deployment of AI technologies within the blockchain space, leveraging the strengths of OCEAN, AGIX, and FET.
Ocean Protocol, known for its decentralized data exchange protocol, and SingularityNET, a decentralized AI network, have both contributed significantly to the blockchain AI sector.
The integration into Fetch.ai will combine their unique capabilities, potentially accelerating advancements in AI and blockchain interoperability. This strategic consolidation reflects an industry trend towards unification and collaboration to foster innovation and scalability.
For users holding OCEAN and AGIX, Binance recommends taking action before the delisting dates to ensure a smooth transition. Users should withdraw their tokens to external wallets or convert them to other supported cryptocurrencies on the platform.
Binance assures its users that all necessary measures are being taken to facilitate this transition with minimal disruption.
In summary, Binance delisting crypto AI spot pairs, OCEAN and AGIX, marks a significant shift in the digital asset landscape, emphasizing the exchange’s commitment to strategic growth and innovation in the AI and blockchain domains.
The integration of these tokens into Fetch.ai under the Artificial Superintelligence Alliance is anticipated to unlock new potentials and drive the next wave of AI advancements in the blockchain space.
