Binance announced the successful conversion of several selected token balances to USD Tether (USDT). The tokens involved in the conversion include Beam (BEAM), Bitcoin Diamond (BCD), GoChain (GO), Neutrino System Base Token (NSBT), and Songbird (SGB).
Details of the Conversion Process
The conversion process was based on the users' token holdings in their Binance wallets as of the snapshot taken on December 26, 2023, at 00:00 (UTC). Users holding less than 0.01 USDT worth of any of the aforementioned tokens, based on average token exchange rates, were not eligible for the conversion.
The conversion period spanned from December 26, 2023, 00:00 (UTC) to June 25, 2024, 23:59 (UTC). The conversion rates applied were as follows:
- Beam (BEAM): 0.04268 USDT/BEAM
- Bitcoin Diamond (BCD): 0.06251 USDT/BCD
- GoChain (GO): 0.00403 USDT/GO
- Neutrino System Base Token (NSBT): 0.22722 USDT/NSBT
- Songbird (SGB): 0.00855 USDT/SGB
Implications and Next Steps
This strategic move aligns with Binance's efforts to simplify its token offerings and enhance liquidity on the platform. Users can now access their converted USDT balances directly in their Binance wallets.