- Binance has warned that the WLFI token, owing to its newness, can see more volatility than other altcoins
- In March this year, the WLFI raised $550 million by the pre-sale of 25 billion tokens
- The token is expected to soon debut on other exchanges including KuCcin and Kraken as well
The WLFI token is making a debut on Binance nn Monday, September 1. This development will mark the official entry for the Trump-backed token on public markets. In the backdrop of its foray into the trading arena, the altcoin’s derivatives volume reportedly surged by 400 percent — indicating at the hype around its launch on centralized exchanges starting Monday.
WLFI is the Ethereum-based native token of the World Liberty Financial — a DeFi platform backed by members of the Trump family. Its launch on Binance will make the WLFI token available on the spot market for the first time — allowing holders to process withdrawals as well.
Up until now, the token had been “non-transferable” by design, a report by CoinDesk explained on Monday. This was done to ensure that the presale tokens were prevented form being circulated in the market. Now that its getting the Binance listing, the tokens will be available for trading and transfers.
Newsletter
Get weekly updates on the newest crypto stories, case studies and tips right in your mailbox.
Binance officially announced that the token will be available for trading at 13:00 UTC, which is 17:00 in the UAE time zone. Notably, Binance is launching the token with a “seed tag,” which indicates high price volatility and other associated risks.
Announcing new spot trading pairs — WLFI/USDT, WLFI/USDC, WLFI/TRY, Binance said that the token is launching simultaneously on three blockchains — Ethereum, Binance Smart Chain, and Solana.
“WLFI is a relatively new token that poses a higher than normal risk, and will likely be subject to high price volatility. Please do your own research before making any trades for the aforementioned token outside Binance to avoid any scams and ensure safety of your funds.”
Given the risks linked to WLFI, Binance said, those looking to engage with the token will need to pass corresponding quizzes every three months. These quizzing are designed to make sure that the investors are aware about the perils of tokens carrying the seed tags. Additionally, the holders of the tokens will have to agree to Binance’s Terms of Use.
For now, Binance will reflect the WLFI token in regions including Canada, Cuba, Crimea Region, Iran, Netherlands, North Korea, Syria, and the United States of America. The list could be updated further in the coming days, in accordance with regulatory changes.
KuCoin and Kraken are reportedly among other exchanges that are set to list the token on their respective platforms.
