Binance announces the completion of its VEN mainnet swap to VET
Fellow Binancians have been officially informed today about the completion of the VEN mainnet swap to VET. Binance confirmed the news on its website and on Twitter about the successful swap to VET, and has also stated that it has opened the deposits and withdrawals for VET.
Binance gladly announced on Twitter:
The remaining VEN balances are no longer existing and all VEN trading pairs have been delisted from the exchange. When the company initially posted the news for the about its forthcoming VEN mainnet swap to VET, it also stated that it had immediately recorded all the VEN balances and initiated the “distribution of VET to all eligible users at a ratio of 1 VEN = 100 VET”. According to the official statement, Binance will start its trading for some trading pairs, like VET/BTC, VET/ETH, VET/BNB and VET/USDT on 25th July at 4:00 AM (UTC).
Talking about the VET’s opening price, Binance, stated in its website: “Based on the VEN/VET distribution ratio, the opening price for VET will be one hundredth of the last traded VEN price. The exact prices are listed below:
Why was the swap necessary?
In order to “accommodate VEN’s rebrand and ticker change to VET”, Binance wanted to carry out the mainnet swap. As per the official announcement, deposits and withdrawals of VEN were put on hold from 22nd July.
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