Cryptocurrency exchange Binance has announced an upcoming conversion of several delisted cryptocurrencies into the stablecoin USDC. This decision comes as part of their effort to streamline token offerings and provide stability for users holding these delisted assets.

Affected Tokens and Key Dates

Binance will begin converting 15 delisted tokens into USDC, a popular stablecoin pegged to the US dollar. The affected tokens include:

• Bitcoin Gold (BTG)
• Bitcoin Standard Hashrate Token (BTCST)
• BitShares (BTS)
• District0x (DNT)
• Groestlcoin (GRS)
• Hegic (HEGIC)
• MobileCoin (MOB)
• Monero (XMR)
• Monetha (MTH)
• Multichain (MULTI)
• Navcoin (NAV)
• Sologenic (SOLO)
• Spartan Protocol (SPARTA)
• Symbol (XYM)
• Tribe (TRIBE)

Withdrawal Deadline

Users have until September 1, 2024, to withdraw these tokens. After this date, withdrawals will no longer be supported. Binance has emphasized the importance of withdrawing before the deadline, as users will not be able to transfer these tokens from their Binance accounts to any external wallets afterward.

The conversion process will commence on September 2, 2024, and is expected to conclude by March 1, 2025. Binance will convert the tokens based on the average exchange rate of each token to USDC over this period. During the conversion process, users will not be able to view the affected tokens in their wallets.

Binance will notify all users affected by this conversion via email. The notification will include the average exchange rates and confirmation once the conversion is complete.

Impact on Users

This move by Binance aims to minimize potential losses and provide users with a stable alternative to their delisted tokens. However, it may also pose challenges for users who prefer to hold their specific cryptocurrencies or have different plans for them.

What do you think about Binance’s decision to convert delisted crypto tokens into USDC? How might this affect your cryptocurrency holdings? Let us know in the comments section below.