Binance Delists Tokens: Withdrawals Halted, Here’s The Catch You Need To Know

By September 1, 2024, Binance will stop accepting withdrawals of 15 delisted tokens and convert them to USDC. The deadline must be met by users in order to prevent automatic conversion.

Key Takeaways:

• By September 1, 2024, Binance sets the deadline for withdrawals for 15 delisted tokens.
• Binance plans to start converting these tokens to USDC on September 2, 2024, and finish the process by March 1, 2025.
• Tokens like Monero (XMR), Bitcoin Gold (BTG), and other well-known cryptocurrencies are impacted.

Binance has announced a major delisting and conversion initiative. Setting a critical deadline of September 1, the exchange urges users to withdraw 15 airdropped-delisted tokens. Failure to comply will result in the automatic conversion of these delisted tokens to USDC, a popular stablecoin. This move aims to streamline the platform and ensure user assets remain secure and liquid. With the conversion, Binance continues to prioritize user convenience and market stability.

• Will Binance Suspend Withdrawals for 15 Delisted Tokens?
• Amid Partnerships, Will Offerings Continue to Expand?

Will Binance Suspend Withdrawals for 15 Delisted Tokens?

Binance, one of the world’s largest cryptocurrency exchanges, has announced a significant decision that will impact holders of 15 specific tokens on its platform. The exchange intends to delist these tokens and convert users’ holdings to USDC, a widely-used stablecoin. Affected cryptocurrencies include well-known projects like Bitcoin Gold (BTG) and Monero (XMR), along with other tokens such as District0x (DNT) and Spartan Protocol (SPARTA). Also on the list are Bitcoin Standard Hashrate Token (BTCST), Bitshares (BTS), Groestlcoin (GRS), Hegic (HEGIC), MobileCoin (MOB), Monetha (MTH), Multichain (MULTI), Navcoin (NAV), Sologenic (SOLO), Symbol (XYM), and Tribe (TRIBE). It’s essential for affected users to be aware of the timeline for this process. Binance has established a deadline of September 1, 2024, at 23:59 UTC, for users to withdraw these tokens from the exchange. Once this deadline passes, withdrawals will no longer be permitted, making it crucial for holders to take action before time runs out.

On September 2, 2024, at 00:00 UTC, Binance will capture a snapshot of user holdings for the affected tokens, initiating a conversion process that utilizes the average token-to-USDC exchange rate calculated over a six-month period, spanning from September 2, 2024, to March 1, 2025. This methodical approach allows for a precise valuation of token prices, minimizing the effects of temporary market shifts. By March 1, 2025, at 23:59 UTC, Binance guarantees to finalize the conversion and deposit the corresponding USDC amount into users’ accounts. This undertaking not only reflects Binance’s commitment to fairness and transparency but also raises intriguing questions about the longer-term prospects of these tokens and their respective ecosystems. The list encompasses a range of cryptocurrencies, including privacy-focused coins like Monero, interoperability projects such as Multichain (MULTI), and various other tokens serving diverse purposes. Inevitably, the delisting could have significant repercussions on the overall liquidity and accessibility of these digital assets in the wider cryptocurrency market.

Amid Partnerships, Will Offerings Continue to Expand?

While implementing this significant delisting, the titan exchange Binance has broadened its horizons in other cryptocurrency ventures. On August 8th, Binance announced the listing of Toncoin (TON) for spot trading, introducing new trading pairs such as TON/BTC, TON/USDT, and TON/FDUSD. This news has already sparked a significant impact on the TON market, driving the TON price up by over 12%. Furthermore, Binance Labs, the investment arm of Binance, has recently invested in Solayer, a Solana restaking network. This strategic investment is aimed at bolstering the Solana ecosystem by enhancing decentralized application security and network bandwidth. This move underscores Binance’s continuous and diverse engagement in the cryptocurrency space, demonstrating their commitment to fostering innovation and growth within the industry.