Binance will convert 15 delisted tokens, including Monero and Bitcoin Gold, to USDC by March 2025. Withdraw assets by September 1, 2024, to avoid automatic conversion.
As part of its ongoing efforts to enhance compliance and streamline operations, Binance has announced a major update concerning the delisting of certain cryptocurrencies and their subsequent conversion to USDC. This development is crucial for all users holding the impacted tokens, as it outlines key dates and actions required to ensure a smooth transition.
Key Details:
- Withdrawal Deadline: Users must withdraw their holdings of the impacted tokens by September 1, 2024, at 23:59 UTC. After this deadline, withdrawals will no longer be supported, and users will lose the ability to transfer these tokens to external wallets.
- Tokens Affected: The delisted tokens 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)
- Tribe (TRIBE)
- Conversion Period: The conversion to USDC will take place from September 2, 2024, to March 1, 2025. During this time, users will not be able to view the delisted tokens in their Binance wallets.
- Completion Date: By March 1, 2025, the conversion will be complete, and users will receive an equivalent amount of USDC in their Binance wallets.
Why This Is Happening: Binance’s decision to delist these tokens and convert them to USDC is influenced by several factors:
- Regulatory Compliance: Ensuring adherence to international regulations, especially in regions where certain tokens are under scrutiny.
- Market Liquidity: Focusing on tokens with higher liquidity to provide a better trading experience for users.
- User Protection: Mitigating risks associated with holding low-liquidity or high-volatility tokens by converting them into a stable asset like USDC.
This move aligns with Binance’s broader strategy to maintain its leadership in the cryptocurrency exchange market by focusing on regulatory compliance, market stability, and user protection.
Next Steps for Users:
- Check Your Wallets: If you hold any of the impacted tokens, make sure to withdraw them before the September 1, 2024, deadline.
- Stay Informed: Binance will update users via email once the conversion is complete, including details about the average exchange rates used during the process.
Conclusion: This strategic decision by Binance reflects its commitment to adapting to the evolving cryptocurrency landscape while safeguarding users’ interests. By converting delisted tokens to USDC, Binance ensures that users’ assets remain secure and liquid, even as certain tokens are phased out of the platform.
