Binance, one of the largest cryptocurrency exchanges globally, has announced a significant change that will impact holders of 15 specific tokens on its platform.
Binance, a leading cryptocurrency exchange, has announced a significant change affecting holders of 15 specific tokens on its platform. As of September 1, 2024, Binance will halt withdrawals for these tokens and automatically convert them to USDC, a widely used stablecoin.
This move is part of Binance's ongoing efforts to streamline its offerings and ensure greater stability for its users. Some of the tokens involved in this decision include Bitcoin Gold (BTG), Monero (XMR), District0x (DNT), Spartan Protocol (SPARTA), and Bitshares (BTS).
Binance has urged any user holding these tokens to withdraw them from the platform before September 1. Any withdrawals attempted after this date will not be permitted in any way.
For the delisted tokens, Binance will take a snapshot of all user balances as of September 2, 2024. Following this, the exchange will proceed to burn these tokens and, in return, acquire USDC tokens. The conversion will be done at a simple average of the token-to-USDC rate obtained over six months, starting from September 2, 2024, up to March 1, 2025.
Binance's Token Conversion Plan May Impact Cryptocurrency MarketBinance has stated that it will complete this conversion and ensure that the users are credited with an equivalent value in USDC before March 1, 2025. This approach will help arrive at a smooth conversion rate, avoiding the effects of volatile market forces.
The delisting and conversion of these tokens may have broader implications for the entire cryptocurrency market. Notably, anonymous cryptocurrencies like Monero (XMR) or the token associated with the interoperability platform MULTICHAIN (MULTI) could experience reduced liquidity and availability. This may affect their use and relevance in the wider market space.
To reiterate, Binance emphasizes that users should withdraw their tokens before September 1, 2024, to prevent the automatic conversion of tokens. Users are advised to refer to Binance's official announcement page for more information and updates.
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