Exchange Binance has announced that it will suspend trading on Nano to change the currency symbol. In an announcement published on Wednesday (19), isolated margin lending has already been suspended for the coin, indicating that the update has already started to take effect.
It was programmed to suspend the products in several stages.
Binance has stated that NANO pairs with USDT, BUSD, and BTC for isolated margin lending will be paused effective January 21. This break will start at 5 am Brasília time.
Already on January 24th (UTC 02:00 AM) all deposits and withdrawals will be suspended. In Brazil, this time will be on January 23, at 11 pm.
Two hours after stopping withdrawals, Binance will suspend all Nano trades on the exchange’s spot market, canceling orders placed in the book.
“Binance will suspend NANO deposits and withdrawals. Be sure to leave enough time for your NANO deposits to be fully processed before this time.”
the broker declared that after suspending all trading, NANO balances will begin to be converted at a 1 to 1 ratio for XNO.
Nano trading returns on Binance only on January 28
According to the roadmap released by Binance, the cryptocurrency Nano with the new symbol will resume on January 28, starting at 1 am GMT.
That is, users who want to withdraw their coins or deposit on that exchange, should stay tuned in the next few days, which will be to take the update of the currency symbol to Binance.
In fact, Nano has changed its symbol since November 2021, when in a Publication, the coin saw its symbol $NANO discontinued to give the current $XNO its turn.
To justify the change, the Nano Foundation stated that it makes the coin simpler and helps it to be recognized as money. In 2017, the year in which the coin experienced its heyday in the market, it even promised that it was a candidate to replace Bitcoin as a currency, something that never even came close to happening.
Even so, it has a legion of followers who believe in its fundamentals, especially when you think about transaction costs, which at Nano are low. But Bitcoin’s Lightning Network solution still stands out more in adoption than the competing currency.
Second symbol change
It is worth remembering that this is the second time that Nano has changed its symbol since it was created. In the beginning its name was Raiblocks and the symbol was XRB.
At the time of the change, the developers stated that the old name and its symbol were confusing, a justification similar to the last change. That is, the Nano community sees that its developers are at least concerned with marketing the coin.