Leading cryptocurrency exchange Binance has announced a significant update regarding several delisted tokens. The exchange will convert affected tokens into the stablecoin USDC, urging users to withdraw their holdings before the September 1 deadline.
Binance stated that from September 2, 2024, it would begin converting the holdings of 15 delisted tokens to USDC. The tokens impacted by this change include Bitcoin Gold (BTG), Bitcoin Standard Hashrate Token (BTCST), BitShares (BTS), District0x (DNT), Groestlcoin (GRS), Hegic (HEGIC), MobileCoin (MOB), Monero (XMR), Monetha (MTH), Multichain (MULTI), Navcoin (NAV), Sologenic (SOLO), Spartan Protocol (SPARTA), Symbol (XYM), and Tribe (TRIBE).
The conversion process will take place over a six-month period, ending on March 1, 2025. Binance will calculate the conversion rate based on the average token-to-USDC exchange rate observed during this period.
Users are advised to withdraw their tokens by 11:59 PM UTC on September 1, 2024. After this deadline, Binance will disable withdrawals for these tokens, making it impossible for users to transfer them to external wallets. Additionally, during the conversion period, users will not be able to view the impacted tokens in their Binance wallets.
Binance has promised to notify all affected users via email, providing details about the conversion rates and confirming when the process is complete.
This decision is likely to affect users who hold the delisted tokens, as they will no longer have the option to retain these assets in their original form on the Binance platform. The move underscores Binance’s ongoing efforts to streamline its offerings and focus on more widely traded cryptocurrencies.
For more details, users are encouraged to check the official announcement on Binance’s website and ensure they take the necessary actions before the September 1 deadline.
What’s Your Opinion? What do you think about Binance’s decision to convert delisted crypto tokens into USDC? How do you think it will impact users? Share your thoughts in the comments below.
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Source : News Bitcoin
