Binance is converting several delisted cryptocurrencies into the stablecoin USDC. To avoid losing access to these assets, users must complete the Binance withdrawal process for affected tokens before September 1st. After this date, these delisted cryptocurrencies can no longer be withdrawn and will be inaccessible in Binance account.
Binance to Convert Delisted Crypto to USDC, Users Have Until September to Withdraw
Binance, a leading cryptocurrency exchange, has announced plans to convert several delisted tokens into the stablecoin USDC. The exchange has outlined a conversion process that will take place between September 2, 2024, and March 1, 2025.
Affected Tokens: Fifteen cryptocurrencies will be subject to this conversion: 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).
Conversion Process: Binance will calculate the amount of USDC to be issued for each user based on their holdings of the affected tokens at the snapshot time of September 2, 2024, at 00:00 UTC. The exchange will then determine the conversion rate by averaging the token-to-USDC exchange rate over a period from September 2, 2024, to March 1, 2025. The converted USDC will be distributed to users’ Binance accounts accordingly during the conversion period.
Important Note: Users who wish to retain ownership of the affected tokens should initiate the Binance withdrawal process before September 1st. After this date, withdrawals of these tokens will no longer be supported.
Binance Imposes Strict Deadline for Token Withdrawals
Binance has issued a critical ultimatum to users holding specific delisted cryptocurrencies. The exchange has declared that September 1, 2024, at 23:59 UTC, will be the final day for users to withdraw the affected tokens.
After this deadline, Binance will completely disable withdrawal services for these tokens. This means users will be unable to transfer their holdings to external wallets or any other platform.
To emphasize the seriousness of the matter, Binance has clarified that this decision is irreversible. Once the September 1st deadline passes, the affected tokens will be permanently locked within Binance accounts.
Additionally, the exchange has informed users that during the conversion process from these tokens to USDC, users will temporarily be unable to view their holdings of the delisted cryptocurrencies within their Binance wallets. Binance has committed to providing email notifications to all affected users, including details about the average exchange rates used for the conversion and the completion of the process.
Essentially, Binance is forcing users to either convert their delisted tokens into USDC or withdraw them before the impending deadline. Failure to do so will result in the permanent loss of access to these cryptocurrencies on the Binance platform.
In conclusion, Binance’s decision to convert delisted tokens to USDC and impose a strict withdrawal deadline underscores the dynamic and often unpredictable nature of the cryptocurrency market. Users must stay informed about platform changes and act promptly to protect their assets.
