Binance to Convert Delisted Tokens to USDC

The tokens in question include BTG, BTCST, BTS, DNT, GRS, HEGIC, MOB, XMR, MTH, MULTI, NAV, SOLO, SPARTA, XYM, and TRIBE.

Binance, the world’s leading cryptocurrency exchange, has announced plans to convert the remaining delisted tokens to Binance USD (USDC) at a snapshot time of 00:00 (UTC) on September 2, 2024. This move comes after the exchange delisted several tokens due to low liquidity or failure to meet specific standards.

The tokens in question include BTG, BTCST, BTS, DNT, GRS, HEGIC, MOB, XMR, MTH, MULTI, NAV, SOLO, SPARTA, XYM, and TRIBE. Binance users holding any of these delisted tokens in their Binance wallets at the snapshot time will be affected by this conversion.

The conversion will be based on the average exchange rate of each token to USDC during the designated “Conversion Period.” This period spans from September 2, 2024, to March 1, 2025. Once the conversion is completed, the equivalent amount of USDC will be credited to users’ Binance wallets by March 1, 2025, at 23:59 (UTC).

After September 1, 2024, at 23:59 (UTC), withdrawals of these delisted tokens will no longer be supported. Hence, Binance advises users to withdraw their holdings of these specific tokens before this deadline.

Binance will execute the conversion based on the average token-to-USDC exchange rate observed throughout the Conversion Period.

To keep users informed, Binance will provide updates on the progress of the conversion process. After conversion, affected users will receive an email confirming the USDC credit to their Binance wallets. Users should check their email and Binance account for updates on the conversion.

Binance’s delisting is part of its effort to streamline the platform by removing tokens with low liquidity or unmet standards.

More About Binance

In 2022 and 2023, Binance’s Financial Crime Compliance team played a pivotal role in assisting global law enforcement agencies. They helped freeze and seize more than $2.2 billion in assets linked to criminal activities. This substantial effort included collaborating with U.S. agencies like the FBI, DOJ, and DEA to secure $285 million in assets.

These actions underscore Binance’s commitment to combating financial crime and enhancing security on its platform through robust cooperation with international and domestic regulatory bodies.

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