The tokens in question include BTG, BTCST, BTS, DNT, GRS, HEGIC, MOB, XMR, MTH, MULTI, NAV, SOLO, SPARTA, XYM, and TRIBE.
This conversion process is scheduled to commence on September 2, 2024, at 08:00 (UTC+8). Let’s discover more about this important news about Binance.
Binance to Convert Delisted Tokens to USDC
Users holding any of these delisted tokens in their Binance wallets at the snapshot time of 00:00 (UTC) on September 2, 2024. The conversion will be based on the average exchange rate of each token to USDC during the designated “Conversion Period”. This is from September 2, 2024, to March 1, 2025. Once the conversion is completed, the equivalent amount of USDC will be credited to users’ Binance wallets by March 1, 2025, at 23:59 (UTC).
Binance has emphasized that after September 1, 2024, at 23:59 (UTC). Withdrawals of these delisted tokens will no longer be supported. Therefore, users are advised to withdraw their holdings of these specific tokens before this deadline. Binance will execute the conversion based on the average token-to-USDC exchange rate observed throughout the Conversion Period.
Source: X
To keep users informed, Binance will provide updates on the progress of the conversion process. After conversion, affected users will receive an email confirming the USDC credit to their Binance wallets. Users should check their email and Binance account for updates on the conversion. Binance’s delisting is part of its effort to streamline the platform by removing tokens with low liquidity or unmet standards.
More About Binance
In 2022 and 2023, Binance’s Financial Crime Compliance team played a pivotal role in assisting global law enforcement agencies. This is because they helped freeze and seize more than $2.2 billion in assets linked to criminal activities. This substantial effort included collaborating with U.S. agencies such as the FBI, DOJ, and DEA to secure $285 million in assets.
Source: X
These actions underscore Binance’s commitment to combating financial crime and enhancing security on its platform through robust cooperation with international and domestic regulatory bodies.
Disclaimer
The information discussed by Altcoin Buzz is not financial advice. This is for educational, entertainment, and informational purposes only. Any information or strategies are thoughts and opinions relevant to the accepted levels of risk tolerance of the writer/reviewers and their risk tolerance may be different than yours. We are not responsible for any losses that you may incur as a result of any investments directly or indirectly related to the information provided. Bitcoin and other cryptocurrencies are high-risk investments so please do your due diligence. Copyright Altcoin Buzz Pte Ltd.
