Binance will suspend NANO transactions next Monday (24) to implement the new ticker created by the cryptocurrency development team, called XNO. First, though, there will be some changes during the transition on the platform and altcoin holders should be aware.
According to note of the broker’s support, published this Tuesday (19), as of today, isolated margin loans NANO/USDT, NANO/BUSD and NANO/BTC will be suspended. On Friday (21), the same pairs will be removed and all open NANO margin positions will be automatically closed and liquidated.
“A separate announcement will be published for re-listing”, says the note, which adds that regarding the suspension of transactions next week, the user must advance their deposits so that they are processed before the action. This is because on the same day Binance will stop trading all NANO spot trading pairs, and the pairs will be later removed from the platform.
Then, the announcement reads, “we will immediately extract all NANO balances and then begin distributing XNO to all eligible users at the ratio of 1 NANO = 1 XNO”.
On the 28th, the broker adds, trading will open for the new spot pairs XNO/USDT, XNO/BUSD, XNO/BTC and XNO/ETH. To this end, Binance will make a separate announcement upon completion of the ticker change to notify users when XNO deposits and withdrawals are open.
NANO ticker change
Binance stressed that the actions will occur as a result of the release from the NANO team about the ticker change published on November 15th of last year, signed by the director of the Nano Foundation George Coxon. Colin LeMahieu, founder of the entity, left the following message: “We built the nano to be simply the most efficient currency the world has ever seen”.
Regarding the ticker change, the NANO team explained that the goal is to place cryptocurrency as a currency in the real world, “the real world requires compliance with globally recognized standards”.
In the case of nano, the document says, “this means following the requirements set by the International Organization for Standardization (ISO), which develops and publishes technical, industrial and commercial standards around the world.”
These ISO-defined alphanumeric code requirements for the universal representation of coins, the note points out, allow nano to join other globally accepted forms of money with a standard symbol and naming convention.
To give greater understanding, the team added:
“NANO is considered a ‘supranational’ currency with no official country code and therefore must begin with an ‘X’ as per the standards required for businesses and banks under ISO 4217. The use of an initial letter ‘X’ for these purposes is facilitated by the ISO 3166 rule that no official country code starting with X will be assigned”.