Users must withdraw their tokens by September 1, 2024, otherwise, Binance will convert them to USDC using a six-month average rate.
Binance has unveiled a major delisting and conversion initiative, with a key deadline of September 1 for customers to withdraw 15 delisted airdropped tokens from its platform.
This deadline is becoming increasingly important. Once this period concludes, they will initiate the process of converting these delisted tokens into USDC, a widely used stablecoin.
Binance To Halt Withdrawals Of 15 Delisted Tokens
Binance, one of the largest cryptocurrency exchanges in the world, has announced an important change. This change will have an impact on holders of 15 different tokens that are traded on its platform.
It is the intention of the exchange to delist these tokens and transfer the holdings of customers into USDC, which is a well-known stablecoin. As a result of this decision, a wide variety of currencies will be affected.
These cryptocurrencies include well-established projects such as Bitcoin Gold (BTG) and Monero (XMR), in addition to lesser tokens such as District0x (DNT) and Spartan Protocol (SPARTA).
Bitcoin Standard Hashrate Token (BTCST), Bitshares (BTS), District0x (DNT), Groestlcoin (GRS), Hegic (HEGIC), MobileCoin (MOB), Monetha (MTH), Multichain (MULTI), Navcoin (NAV), Sologenic (SOLO), Spartan Protocol (SPARTA), Symbol (XYM) and Tribe (TRIBE) are the cryptocurrencies that are currently in circulation.
The timetable for this process is critical for the affected end customers. Users are required to remove these tokens from the exchange before the deadline of September 1, 2024, at 23:59 UTC.
This deadline has been established by the exchange. The ability to make withdrawals will be terminated once this threshold has been reached. If the affected tokens are owned by users, a snapshot of such holdings will be taken on September 2, 2024, at 00:00 UTC.
After that, the process of conversion will start, and it will make use of the average exchange rate for tokens to USDC during a period of six months, beginning on September 2, 2024 and ending on March 1, 2025.
Binance has committed to completing the conversion and crediting users’ accounts with the corresponding amount of USDC by March 1, 2025, at 23:59 UTC.
This extended timescale makes it possible to have a more accurate representation of token values, which may help to reduce the impact of swings in the market that are just short-term in nature.
When the exchange takes this step, it raises concerns about the future of these tokens and the ecosystems of which they are a part.
The list covers cryptocurrencies with a focus on privacy, such as Monero, as well as blockchain interoperability initiatives, such as Multichain (MULTI) and other tokens with a variety of utility scenarios.
There is a possibility that the delisting will have an effect on the liquidity and accessibility of these cryptocurrencies in relation to the overall market. While the Titan Exchange was in the process of completing this significant delisting, it also extended its offerings in other ways.
The cryptocurrency exchange has revealed that it intends to launch Toncoin (TON) for spot trading, and on August 8th, additional pairs such as TON/BTC, TON/USDT, and TON/FDUSD will become available for trade.
This piece of news has already had an effect on the TON market, as evidenced by the huge price changes that the token has experienced. Binance Labs has also made an investment in Solayer, which is a network that provides Solana restaurant services.
As a further demonstration of their continued involvement in a variety of elements of the cryptocurrency space, this investment intends to improve the decentralized application security and network capacity in order to boost the Solana ecosystem.  Â
