Binance has announced the conversion of several Binance delisted tokens to USDC for users who hold these tokens in their Binance wallets. Since Binance is the No.1 Exchange right now, their announcements made are crucial for the Crypto Market. Likewise this update affects multiple tokens, and users must take specific actions before the conversion process begins.
Binance Delist Announcement
October 8, 2024, Binance delist announcement released a notice regarding the conversion of selected tokens to USDC. This conversion will be based on users’ holdings in their Binance wallets at a specific snapshot time on October 29, 2024, at 00:00 (UTC). Binance will complete this conversion by April 28, 2025, at 23:59 (UTC), crediting users with an equivalent amount of USDC in their wallets.
List Of Tokens To Be Delisted
Important Dates For the Users
The snapshot of user holdings will take place on October 29, 2024. Before that, users can withdraw the Binance delisted tokens from their Binance wallets until October 28, 2024, at 23:59 (UTC). After this date, withdrawals will no longer be available, and users will not be able to transfer these tokens to external wallets.
How the Conversion Will Work ?
The conversion will be executed based on the average token-to-USDC exchange rate over the conversion period, which runs from October 29, 2024, to April 28, 2025. This means that Binance will calculate the average exchange rate during this time to determine the equivalent amount of USDC users will receive.
Once the conversion is completed, Binance will notify users via email, providing more details about the final exchange rates used. During this conversion period, users will not be able to view the affected tokens in their Binance wallets.
What Actions Should Users Take?
Users holding any of the impacted tokens will receive an email notification from Binance by October 15, 2024, with further details. It is important to note that deposits of these tokens are no longer supported, which means users cannot add more of these tokens to their wallets.
Conclusion
Binance’s decision to convert delisted tokens to USDC affects users who hold these tokens in their wallets. With clear deadlines for withdrawals and the conversion process, Users need to take steps if they want to withdraw their tokens before October 28, 2024. After that, Binance will convert the tokens to USDC, with the process expected to be completed by April 28, 2025.
