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Binance to execute reverse splits to Litecoin and Uniswap-linked tokens

Updated: Jul 25, 2024
Published: Aug 9, 2021
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Crypto exchange Binance is making changes to how it operates, and the latest comes with the reverse splitting of Litecoin and Uniswap-linked tokens.

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UNIDOWN and LTCDOWN to undergo a reverse split

Leading crypto exchange Binance announced earlier today that it would be executing reverse splitting on UNIDOWN and LTCDOWN. According to the exchange, the reverse splitting will be executed over the next 24 hours.

In a blog post earlier today, Binance said, “To provide a better trading experience for our users, UNIDOWN and LTCDOWN will undergo a 100,000-for-1 reverse token split. The reverse token split process will take approximately 24 hours, with the following timeline.”

The reverse splitting process consolidates the existing number of issued tokens into a smaller number of proportionally higher values. Binance users with a million of the UNIDOWN and LTCDOWN tokens before the split will have 10 once the process is over, while those with a billion tokens will have 10,000 tokens afterward.

The exchange said it would suspend the tokens trading at 3:00 a.m. UTC Aug. 17, take a snapshot of the users’ balance and update the accounts 24 hours. Trading resumes once the process is over. Binance advised traders to redeem their existing UNIDOWN and LTCDOWN tokens into USDT before the reverse splitting begins. This is to ensure there are no fluctuations in price during the process.

Binance making changes to its services

Binance has been making changes to how it operates in recent months, following regulatory pressure in certain countries. The exchange is ending derivate trading services to traders in Hong Kong and Europe as it looks to abide by the regulations in those regions.

The company has come under fire from regulators in the United Kingdom, Malaysia and Italy in recent weeks.

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