The exchange will suspend SOPH deposits and withdrawals on its mainnet at 8:00 a.m. UTC, moving existing balances to the Ethereum-based token standard at a one-for-one ratio.
Binance said it will stop supporting Sophon (SOPH) on its mainnet and temporarily suspend deposits and withdrawals through that network at 8:00 a.m. UTC on Aug. 4. As part of the change, existing SOPH on the mainnet will be migrated to the ERC-20 network (Ethereum token standard) at a 1:1 ratio, shifting user balances to the Ethereum-based version of the token without changing the nominal amount held.