Binance has made a formal announcement regarding its support in the transition of Orion (ORN) to Lumia (LUMIA) through an extensive network upgrade. This upcoming change will see the removal of trading pairs for ORN/BTC and ORN/USDT on October 15, 2024, at 06:00 UTC. As a result, any existing ORN spot trading orders will be canceled. The trading activity will then recommence for the new LUMIA/USDT trading pair starting on October 18, 2024, at 12:00 UTC.

How will deposits and withdrawals be managed?

On the same day as the trading pair removal, specifically at 06:30 UTC on October 15, 2024, Binance will temporarily suspend deposit and withdrawal services for ORN. Users are encouraged to ensure that all ORN transactions are completed before this cut-off time. Deposits for LUMIA will open on October 18, 2024, at 11:00 UTC, meaning that ORN withdrawals will become unsupported from that moment onward.

The platform is committed to managing the technical aspects of the transition and rebranding process, which includes notifying users when withdrawals for the LUMIA coin are available. The total supply of coins will rise significantly from the previous count of 92,631,255 ORN to a new total of 238,888,888 LUMIA.

What will happen to trading pairs and other services?

Post-transition, all ORN coins will be traded as LUMIA, with a one-to-one conversion for each ORN held. As of October 15, 2024, at 06:00 UTC, all spot trading pairs linked to ORN, including the ORN/BTC and ORN/USDT pairs, will be removed. It is essential for users to update or cancel their Trading Bot services to align with these changes.

Additionally, Binance’s Margin services for ORN will conclude on October 9, 2024, at 09:00 UTC. Users should close any existing margin positions or transfer their assets to spot wallets to avoid any potential issues. Binance will not accept responsibility for any losses experienced during this transition period.

The rebranding and transition will also affect various Binance services such as Simple Earn, Binance Loans, and Auto-Invest, all of which will include LUMIA starting from October 18, 2024. This strategic move exemplifies Binance’s ongoing commitment to adapt to the rapidly evolving landscape of cryptocurrency, executing both technological upgrades and financial adjustments in a cohesive manner, while minimizing disruptions for its user base.

In my opinion, this transition from ORN to LUMIA represents a critical step for Binance as it continues to innovate within the cryptocurrency market. I encourage readers to share their thoughts on this development in the comments below, as community feedback can often illuminate different perspectives on such changes.