Binance to convert delisted tokens to USDC

Binance has announced the conversion of several delisted cryptocurrencies into the stablecoin USDC (CRYPTO:USDC), urging users to withdraw the affected tokens before September 1, 2024.

After the September 1 deadline, withdrawals of the delisted tokens will no longer be supported, and users won't be able to transfer them from their Binance accounts to external wallets.

The conversion will begin on September 2, 2024, and continue through March 1, 2025, with Binance using the average exchange rate of the tokens to USDC during this period.

The tokens affected by this conversion include Bitcoin Gold (BTG) (CRYPTO:BTG), Bitcoin Standard Hashrate Token (BTCST) (CRYPTO:BTCST), BitShares (BTS) (CRYPTO:BTS), District0x (DNT) (CRYPTO:DNT), Groestlcoin (GRS) (CRYPTO:GRS), Hegic (HEGIC) (CRYPTO:HEGIC), MobileCoin (MOB) (CRYPTO:MOB), Monero (XMR) (CRYPTO:XMR), Monetha (MTH) (CRYPTO:MTH), Multichain (MULTI) (CRYPTO:MULTI), Navcoin (NAV) (CRYPTO:NAV), Sologenic (SOLO) (CRYPTO:SOLO), Spartan Protocol (SPARTA) (CRYPTO:SPARTA), Symbol (XYM) (CRYPTO:XYM), and Tribe (TRIBE) (CRYPTO:TRIBE).

Binance has advised all users holding these tokens to act promptly by withdrawing them before the September 1 deadline to avoid losing access.

The exchange clarified that during the conversion period, users would not be able to view or access these tokens in their wallets.

Binance will notify all affected users via email with details of the average exchange rates used for the conversion and confirmation once the process is complete.

The conversion process aims to exchange users’ holdings of the delisted tokens into USDC, providing liquidity and a stable value in place of the removed assets.

Binance highlighted that withdrawals will be supported until 23:59 UTC on September 1, 2024, but this is subject to network conditions and availability.

The exchange emphasized that after the deadline, the affected tokens will no longer be transferable from Binance accounts, making it crucial for users to withdraw their holdings before the cut-off.

Binance's decision to convert these delisted tokens to USDC is part of its ongoing efforts to streamline the available assets on its platform and provide more stability for users.

This move also reflects the increasing preference for stablecoins like USDC within the crypto industry, especially as regulatory and market conditions evolve.

Users impacted by this change are encouraged to stay informed and act swiftly to manage their holdings in light of these upcoming changes.