This is a general announcement and marketing communication. Products and services referred to here may not be available in your region.

Fellow Binancians,

Binance will support the Maker (MKR) token swap, redenomination, and rebranding to Sky (SKY).

The existing SKY ticker for Skycoin tokens (delisted) will be replaced with SKYCOIN ticker by 2025-07-25. 

Please Note:

  • The ticker SKY was previously used by a different token Skycoin, which was delisted on 2021-11-05. 

  • The existing Skycoin (SKY) tokens will assume the ticker of SKYCOIN on Binance, and will be replaced by 2025-07-25.

  • From 2025-07-21 to 2025-07-25, all Skycoin (SKY) tokens will be swapped to SKYCOIN at a ratio of 1 SKY = 1 SKYCOIN. Users may view their token distribution history here.

  • Binance will handle all technical requirements for users who are involved in this event.

Maker (MKR) Token Swap Details

  • Trading

    • At 2025-09-15 03:00 (UTC), Binance will remove all existing MKR spot trading pairs (i.e., MKR/BTC, MKR/TRY, MKR/USDC, and MKR/USDT) and cancel all pending MKR spot trading orders.

    • At 2025-09-17 08:00 (UTC), Binance will open trading for the SKY/BTC, SKY/TRY, SKY/USDC, and SKY/USDT trading pairs.

  • Deposits and Withdrawals

    • At 2025-09-15 03:30 (UTC), deposits and withdrawals of MKR tokens will be suspended. Users should ensure they leave sufficient time for their MKR token deposits to be fully processed prior to this time. 

    • Deposits of MKR (ERC20) after 2025-09-15 03:30 (UTC) will be rejected and returned. Please refer to the project team’s Delayed Upgrade Penalty.

    • Deposits of SKY tokens will be opened at 2025-09-17 07:00 (UTC).

    • Binance will make a separate announcement after the event is completed to notify users when withdrawals of SKY tokens have opened.

    • After the event is complete, deposits of MKR (ERC20) and withdrawals of MKR tokens will no longer be supported.

  • Binance will handle all technical requirements for users who are involved in this event.

  • Users may refer to the announcement from the project team for more information.

Token Swap and Redenomination

  • MKR tokens will assume the ticker of SKY on Binance. 

  • All MKR tokens will be swapped to SKY at a ratio of 1 MKR = 24,000 SKY.

Spot

  • At 2025-09-12 03:00 (UTC),

    • Binance Spot Copy Trading will remove the aforementioned spot trading pairs. After this time, any outstanding spot trading pairs will be moved to the Spot Account. 

    • Users are strongly advised to update or cancel their Spot Copy Trading portfolios prior to this time to avoid potential losses.

  • At 2025-09-15 03:00 (UTC), 

    • Binance will remove and cease trading on all spot trading pairs for MKR. The exact trading pairs being removed are: MKR/BTC, MKR/TRY, MKR/USDC, and MKR/USDT. All trade orders will be automatically removed after trading ceases in each respective trading pair.

    • Binance will remove Trading Bots services for the aforementioned spot trading pairs where applicable. Users are strongly advised to update and/or cancel their Trading Bots prior to the cessation of Trading Bots services to avoid any potential losses.

  • Binance will open trading for the SKY/BTC, SKY/TRY, SKY/USDC, and SKY/USDT trading pairs at 2025-09-17 08:00 (UTC).

Futures

  • Starting from 2025-09-08 08:30 (UTC), users are not allowed to open new positions for the aforementioned contract(s). 

  • At 2025-09-08 09:00 (UTC),

    • Binance Futures will close all positions and conduct an automatic settlement on the aforementioned contract(s). The aforementioned contract(s) will be removed after the settlement is complete. Users are advised to close any open positions prior to the settlement time to avoid automatic settlement. 

    • Binance Funding Rate Arbitrage Bot will close all arbitrage strategies and conduct an automatic settlement on the MKRUSDT symbol(s).

  • During the final hour proceeding the scheduled settlement time of a futures contract, the Futures Insurance Fund will not be utilised to support the liquidation process in respect of that futures contract. Any such liquidation triggered during the final hour will be executed as a single Immediate or Cancel order (“IOCO”), which will be offloaded into the market in one attempt. If, following the execution of the IOCO, the assets remaining available in the user's account are sufficient to meet the required Maintenance Margin (after accounting for realized losses and any applicable Liquidation Clearance Fee), the liquidation will cease. If the IOCO fails to fully reduce the position to a level that satisfies the Margin Maintenance requirements, any unfilled portion of the position will be resolved through the Auto-Deleveraging (ADL) process. Users are strongly advised to actively monitor and manage open positions during the final hour, as this period may be subject to heightened volatility and reduced liquidity.

  • In order to protect users and prevent potential risks in extremely volatile market conditions, Binance Futures may undertake additional protective measures toward the aforementioned contract(s) without further announcements, including but not limited to adjusting the maximum leverage value, position value, and maintenance margin in each margin tier, updating funding rates, such as the interest rate, premium and capped funding rate, changing the constituents of the price index, and using the Last Price Protected mechanism to update the Mark Price. A separate announcement will be made for relisting.

Margin

  • At 2025-08-29 06:00 (UTC),

    • Binance Margin will suspend Cross Margin and Isolated Margin borrowings on the aforementioned pair(s).

  • Margin Removal Time: 2025-09-08 10:00 (UTC),

    • At this time, Binance Margin will remove MKR from Cross and Isolated Margin. The MKR/BTC, MKR/USDC, and MKR/USDT Cross Margin pairs, and MKR/BTC and MKR/USDT Isolated Margin pairs will be removed from Margin. Effective immediately, users will no longer be able to transfer any amount of the aforementioned token(s) via manual transfers and Auto-Transfer Mode for Cross and Isolated Margin into their Margin Accounts. If users hold outstanding liabilities of said token(s), these users may only manually transfer up to the amount of liabilities of that token(s) into their Margin Accounts, less any collateral already available.

    • Binance Margin will close users’ positions, conduct an automatic settlement, and cancel all pending orders on the aforementioned Isolated Margin pair(s), which will then be removed from Isolated Margin.

    • If users hold both collateral and liabilities of the aforementioned token(s) on Cross Margin, the collateral will be used to repay the respective liabilities. If there are remaining collateral or liabilities of the aforementioned token(s), one of two options below will occur:

      • If users only hold the aforementioned token(s) in the form of collateral: 

        • If the Collateral Margin Level (CML) is above 2, the aforementioned token(s) will be transferred to users’ Spot Accounts, up to the point when the CML reaches 2. The remaining tokens in their Cross Margin Accounts that are to be removed will then be fully sold. 

        • If the CML is below 2, the remaining token(s) in users’ Cross Margin Accounts that are to be removed will be fully sold. 

      • If users only hold the aforementioned token(s) in the form of liabilities:

        • If CML is at or above 2, pending orders will not be affected. 

        • If the CML is below 2, all pending orders in their Cross Margin Accounts will be canceled. 

        • The system will then sell other collateral tokens to buy and fully repay the aforementioned token(s)’ liabilities.

    • Please note that users will not be able to update their positions during the removal process, and they are strongly advised to close their positions and/or transfer their assets from Margin Accounts to Spot Accounts prior to the cessation of margin trading at the Margin removal time. Binance will not be responsible for any potential losses.

    • Portfolio Margin users are advised to transfer the aforementioned token(s) out of their Margin Accounts to their Spot Accounts and to top up their margin balances before the Margin removal time where applicable. Users should monitor the Unified Maintenance Margin Ratio (uniMMR) closely to avoid any potential liquidation that may result from the removal of the aforementioned token(s) from the Margin Account. 

    • All MKR balances in the Cross Margin Account under the Portfolio Margin Account will be automatically converted to USDT from the Margin removal time. The conversion may take approximately 24 hours or longer. Binance Margin will not be liable for any losses on new positions during this period that may incur due to the conversion of funds. Refer to this FAQ for more information.

  • A separate announcement will be made for relisting.

Loans

  • At 2025-09-05 03:00 (UTC), 

    • Binance Loans (Flexible Rates) and VIP Loan will close all outstanding loan positions for MKR (both loanable tokens and collateral tokens will be closed). Users are strongly advised to repay their outstanding MKR loans before this time to avoid any potential losses.

Simple Earn 

From 2025-09-12 03:00 (UTC),

  • Binance Simple Earn will cease support for MKR Simple Earn Flexible Products. Subscriptions will no longer be available. 

  • All remaining MKR Flexible Products positions, together with any accrued rewards, will be automatically redeemed to users’ Spot Accounts. Users can choose to redeem their assets from MKR Simple Earn Flexible anytime beforehand without deduction of any accrued rewards.

  • After 2025-09-17 08:00 (UTC), Binance Simple Earn will resubscribe the converted SKY assets for Flexible Products for impacted users.

Binance Pay

  • At 2025-09-11 03:00 (UTC), Binance will remove MKR from the list of supported cryptocurrencies on Binance Pay.

Gift Card

  • At 2025-09-15 03:00 (UTC),

    • Binance will no longer support the creation of MKR Gift Cards.

  • Users may proceed to redeem any unredeemed MKR Gift Cards for MKR tokens before this time.

Convert

  • Binance Convert will remove MKR and all associated pairs at 2025-09-15 02:00 (UTC).

Convert Low-Value Assets 

  • Convert Low-Value Assets will remove MKR at 2025-09-12 02:00 (UTC). Users may choose to convert the low-value assets beforehand. 

Buy & Sell Crypto

  • At 2025-09-05 03:00 (UTC), Buy & Sell Crypto will remove MKR and all associated pairs.

Note: There may be discrepancies between this original content in English and any translated versions. Please refer to the original English version for the most accurate information, in case any discrepancies arise.

Thank you for your support!

Binance Team

2025-07-18

Disclaimers:

  • USDC is an e-money token issued by Circle Internet Financial Europe SAS (https://www.circle.com/). USDC’s whitepaper is available here. You may contact Circle using the following contact information: +33(1)59000130 and [email protected]. 

  • Holders of USDC have a legal claim against Circle SAS as the EU issuer of USDC. These holders are entitled to request redemption of their USDC from Circle SAS. Such redemption will be made at any time and at par value.