Binance to conduct BIFI token swap to ERC20 standard on October 16
On the coming Monday, October 16, 2023, Binance, one of the world’s leading cryptocurrency exchanges, will execute a one-to-one swap of BIFI tokens to the ERC20 standard. The move is expected to cause a temporary disruption in the deposit and withdrawal services of BIFI tokens.
Despite the anticipated service interruption, other functions such as spot trading, Binance Earn, and Pay are set to remain operational during the swap process. The exchange has not specified a timeline for when the deposit and withdrawal services will be resumed following the contract swap.
The transition to the ERC20 standard signifies an upgrade in the blockchain technology used for BIFI tokens. The ERC20 standard is widely accepted and recognized in the cryptocurrency industry for its improved security and interoperability features.
Binance has not yet provided further details regarding the exact time of the swap or how long the deposit and withdrawal services for BIFI tokens will be unavailable. As we approach Monday, customers are advised to monitor Binance’s official communications for any updates regarding this matter.
