Binance to Convert Delisted Crypto to USDC — Advises Users to Withdraw Affected Tokens Before Deadline

Crypto exchange Binance has announced the conversion of several delisted tokens into stablecoin USDC. Users are advised to withdraw affected crypto tokens by Sept. 1, as they will no longer be accessible afterward. After this date, withdrawals of the delisted tokens will no longer be supported, and users will not be able to transfer them from their Binance accounts to any external wallets, Binance explained.

Binance to Convert Delisted Crypto Tokens to USDC Starting September

Cryptocurrency exchange Binance made an announcement on Monday regarding the withdrawals of delisted tokens and the conversion of selected tokens to stablecoin USDC. The exchange explained:

Binance will perform a conversion of the below tokens to USDC based on users’ holdings in their Binance wallets at the snapshot time of 2024-09-02 00:00 (UTC).

Fifteen tokens are affected by this conversion. They are 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).

This conversion process is designed to exchange the impacted tokens for USDC over a period between Sept. 2, 2024, and March 1, 2025, Binance detailed, adding: “The conversion will be executed on the basis of the average token to USDC exchange rate between 2024-09-02 00:00 (UTC) and 2025-03-01 23:59 (UTC) (hereinafter referred to as ‘Conversion Period’).”

Binance has advised users to withdraw the affected tokens by Sept. 1, as withdrawals will be disabled after this deadline. The exchange emphasized:

Withdrawals of the above tokens from Binance will be supported until 2024-09-01 23:59 (UTC), subject to network conditions and availability.

“After this date, withdrawals of the above tokens will no longer be supported, and users will not be able to transfer any of the above tokens from their Binance accounts to any external wallets,” Binance clarified.

The announcement also mentions that during the conversion period, users would not be able to view these tokens in their wallets. The exchange plans to notify all affected users by email, detailing the average exchange rates and confirming when the conversion is complete.

What do you think about Binance’s decision to convert delisted crypto tokens into USDC and the impact on users? Let us know in the comments section below. #Write2Earn