Coinbase said it will support the LCX token migration and temporarily suspend deposits and withdrawals for the asset from July 27 through July 29. The exchange said existing user holdings will be converted automatically to the new token at a 1:1 ratio, with no fee charged for the process. LCX said the migration is intended to meet requirements under the European Union’s Markets in Crypto-Assets regulation, or MiCA, which took effect on July 1. Earlier, Kraken announced support for the same migration on March 13. CryptoBriefing also noted that LCX completed its acquisition of MasterDEX on July 15 as it moves forward with its U.S. DeFi business line, LCX Liberty.
Coinbase said it will support the LCX token migration and will suspend deposits and withdrawals for the token from July 27 to July 29.
According to the exchange, existing user holdings will be converted automatically into the new token at a 1:1 ratio, and no fee will be charged.
LCX said the migration is designed to comply with the European Union’s Markets in Crypto-Assets regulation, or MiCA, which took effect on July 1.
Kraken had already announced support for the migration on March 13. CryptoBriefing also reported that LCX completed its acquisition of MasterDEX on July 15 to advance its U.S. DeFi business line, LCX Liberty.
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