ACX Holders Must Choose Between Equity and USDC by October 17
The cryptocurrency ACX is facing a significant decision for its holders, who must choose between two options by October 17. On August 17, Binance ended spot trading of ACX, and since then, deposits have not been credited to the exchange. Withdrawals from Binance are still possible until October 17.
The move is part of a larger governance proposal called The Bridge Across, which was published on March 11 and aims to wind down the existing DAO structure in favor of a US C-corporation. This new company, named AcrossCo, will hold the protocol's intellectual property and oversee development.
For ACX holders, there are two paths: a swap into equity at a one-to-one ratio or a buyback against USDC at $0.04375 per token. The proposal also sets out specific conditions for participation in the swap, including self-custody of tokens and a tiered structure for those holding more than five million ACX.
The ACX Exchange Portal is meant to facilitate this process, but as of August 18, it was still not launched and its website returned an HTTP status 401 error. The portal's blog was reachable, however, with the most recent post dated August 10.