Binance to convert selected delisted tokens to USDC by March 2025
Binance to convert selected delisted tokens to USDC by March 2025
Binance, one of the largest cryptocurrency exchanges, has announced plans to convert several delisted tokens into USDC, a stablecoin pegged to the US dollar.
Binance has announced in the Support Center the delisting of multiple tokens and their conversion to USDC, signaling the exchange's actions to streamline its offerings. The conversion process is set to be completed by March 1, 2025, and impacts users holding these tokens in their Binance wallets as of September 2, 2024.
The tokens impacted by this conversion 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).
Users are encouraged to withdraw above assets before September 1, 2024, after which withdrawals will no longer be supported.
The conversion will be based on the average exchange rate between these tokens and USDC during the period from September 2, 2024, to March 1, 2025. Once the conversion is complete, an equivalent amount of USDC will be credited to users' Binance wallets.
Deposits of the impacted tokens have already been halted, and any attempts to deposit these tokens will not be successful. This move underscores the exchange's focus on maintaining an optimized and streamlined offerings.
Users holding any of these tokens are advised to take action before the deadline to avoid any potential loss of funds. The conversion process reflects a trend within the crypto industry where exchanges are increasingly opting to delist tokens that may pose regulatory challenges or lack sufficient liquidity.
The completion of this conversion could signal further consolidations and adjustments in Binance's asset portfolio as the exchange adapts to the evolving regulatory landscape.
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