According to TechFlow, Binance Wallet said in an official announcement on June 12 that it has canceled the SPCXx IPO due to uncontrollable factors. The decision applies to users who participated in the activity and locked USDC as part of the process. Binance Wallet said the locked USDC will be returned in full through the original payment method.
Locked USDC to be returned automatically
The announcement states that users do not need to take any action to receive the refund. The locked USDC will be sent back to Binance Wallet in batches, with the refund process expected to be completed by June 12, 2026. The refund arrangement covers participating users whose funds were locked for the SPCXx IPO activity.
The reason given in the announcement was “uncontrollable factors.” Binance Wallet did not provide additional details in the notice about the circumstances behind the cancellation. For users, the stated handling procedure is a full return of locked USDC, without the need to submit a separate request or carry out any additional operation.
All participants to receive SPCXB airdrop
At the same time, Binance will airdrop a total of $1 million worth of bStocks SpaceX token SPCXB to all participating users. The announcement says the SPCXB airdrop is expected to be automatically distributed to users’ Binance spot accounts by June 18, 2026. The distribution is tied to participation in the canceled SPCXx IPO activity.
According to the announcement, SPCXB is a tokenized security pegged to the share price of SpaceX. It is backed by real SpaceX shares held 1:1 by a regulated custodian. Based on the stated process, both the refund and the airdrop are automatic, with the USDC returning to Binance Wallet and SPCXB being credited to Binance spot accounts.