Binance Will Automatically Convert Several Delisted Tokens to USDC (USDC Swap)

The tokens affected include Vai (VAI), Tornado Cash (TORN), and OMG Network (OMG), among others. This conversion will be based on the average exchange rate

Binance announced on Friday the automatic conversion of several delisted tokens to USD Coin (USDC) and provided a timeframe for users to withdraw or convert their tokens before the change.

The tokens affected by this conversion include Vai (VAI), Tornado Cash (TORN), OMG Network (OMG), and several others. The conversion will be based on the average exchange rate between the tokens and USDC during the conversion period.

Binance has set a deadline of October 28, 2024, for users to withdraw any affected tokens from their accounts. After this date, Binance will automatically convert these tokens to USD Coins (USDC) to allow holders to continue accessing their funds.

“Withdrawals of the above tokens from Binance will be supported until 2024-10-28 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,” the announcement reads.

From October 28, these tokens will no longer be transferable or withdrawable from Binance wallets to other platforms. Users are advised to adjust their trading strategies accordingly.

The tokens being phased out include VAI, TORN, OMG, WAVES, XEM, BOND, DOCK, MDX, POLS, and PURSE.

Deposits of these tokens have already been suspended, and users cannot add more of these cryptocurrencies to their accounts. Binance emphasizes the importance of adhering to the guidelines outlined in its announcement for handling digital currencies.

“The conversion of the above tokens to USDC will be completed by 2025-04-28 23:59 (UTC), and it applies to user holdings in any Binance wallets. During the Conversion Period, users will not be able to view the above tokens in their Binance wallets,” the statement adds.

During the Conversion Period, from October 29, 2024, to April 28, 2025, users cannot view these tokens in their Binance wallets.

Binance assures users that they will be notified once the conversion process is finalized and the tokens are delisted. After it starts delisting, Binance will establish the conversion rate during that period.

“The conversion will be executed on the basis of the average token to USDC exchange rate between 2024-10-29 00:00 (UTC) and 2025-04-28 23:59 (UTC) (hereinafter referred to as “Conversion Period”). Please note that Binance will update this announcement and send a separate email to all impacted users when the conversion of the aforementioned tokens to USDC is complete.

More information on the average exchange rates during the Conversion Period will also be provided in the email.”

Additionally, all affected users will receive an email confirming the completion of the conversion and any necessary instructions for further actions.

Historically, Binance’s delisting of tokens has led to significant price volatility, often causing double-digit price drops. Therefore, investors should be cautious and prepare for these upcoming changes.

Users Should Remember These User Notifications And Further Risk Warnings

Binance has announced that all affected users will receive an email by October 15, 2024, detailing the conversion schedule and applicable rates.

“All users who hold any of the above tokens in their Binance wallets will receive an email notification by 2024-10-15 23:59 (UTC),” the statement reads.

The exchange has also warned that delisted tokens carry certain risks, and market fluctuations may impact their value.

In addition to the token conversions, Binance has made other recent changes, including removing the Turkish language from its website and mobile app.

However, Binance assured Turkish users that this change would not affect services or customer support in Türkiye, and their funds would remain secure.

“In accordance with the new requirements pertaining to all non-Türkiye-based crypto asset service providers by the law adopted by the Turkish Grand National Assembly on 2024-07-02, the Turkish language option on the Binance.com website and Binance App will no longer be available as of 2024-09-27,” the statement reads.

Furthermore, in October, Binance introduced a new feature to enhance user experience and transparency, which includes risk warning banners and token pop-up notifications with tokenomics changes.

Binance Is Not Only Removing Several Tokens But Also Adding New Ones

Binance is expanding its token offerings by adding new assets to its platform. A significant addition is Scroll (SCR), a zkRollup scaling solution designed for Ethereum.

According to the announcement, SCR will be listed on October 11, with pre-market trading for the SCR/USDT pair set to commence. This initiative aims to enhance Ethereum’