Binance to Halt TOMO Deposits and Withdrawals on November 20

Binance today disclosed that it would suspend deposits and withdrawals of TOMO on its platform and payment channels as the project’s team undergoes a rebranding.

Indeed, TomoChain on November 1 announced it would rebrand to Viction. As a result, the project’s ticker will also change from TOMO to VIC to symbolize the newly adopted name.

According to today’s announcement, Binance would pause deposits and withdrawals in support of the team’s rebrand. Notably, the pause will take effect on November 2023 at 03:33 (UTC), by which time users are expected to have fully processed their TOMO transactions.

Furthermore, the crypto exchange said it will make a separate announcement on when users will be able to resume their trading activities. Per the announcement, this will come once the project completes its rebranding.

According to Viction, the rebranding plan is a significant change in its journey of progress and innovation. The project, which launched five years ago, said the plans underline its dedication to the ever-changing blockchain market.

However, the team clarified that the changes will be purely symbolic. Thus, the switch from TOMO to VIC will not involve any technical adjustments to existing smart contracts, tokenomics, or token supply.

Turning to CoinMarketCap, data shows VIC has seen a significant uptick in the past 24 hours. Importantly, the token has added a 3.77% gain to sit at $1.36 at the time of press.

Similarly, the trade volume has increased by over 113% in the past 24 hours. Presently, the token has a market cap of $131 million and is ranked as the 191st-ranked cryptocurrency network.