Crypto exchange Binance executes reverse token splits on specific trading tokens linked to Uniswap (UNI) and Litecoin (LTC). The reverse token split process will take approximately 24 hours.
For better trading experience, UNIDOWN and LTCDOWN will undergo a 100,000-for-1 reverse token split, Binance announced on 9 August. This process consolidates an existing number of issued tokens into a smaller number with higher value.
100,000 UNIDOWN (before the reverse split) = 1 UNIDOWN (after the reverse split)
100,000 LTCDOWN (before the reverse split) = 1 LTCDOWN (after the reverse split)
Users with 1M of tokens before the split will have ten after, users with 1billion tokens before split will have 10,000 after. Binance will suspend trading, subscription and redemption of these tokens at 3:00 a.m. UTC Aug. 17, taking a snapshot of UNIDOWN and LTCDOWN balances in users accounts. They will cancel all existing trade orders. On 18 Aug. at 3:00 AM UTC, they will update new UNIDOWN and LTCDOWN balances and open trading for UNIDOWN/USDT and LTCDOWN/USDT.
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The company strongly comments for token holders to reassess their holding risk before starting the reverse token split process. It suggests users convert their tokens into USDT to mitigate against price fluctuations that may occur during the process.
