Binance, a leading cryptocurrency exchange, has announced plans to convert delisted tokens into USDC for users holding these tokens in their Binance wallets. This move is aimed at providing a smooth transition for users affected by the delisting of certain tokens.
Details of the Conversion Process
The conversion process will kick off with a snapshot of users’ assets taken at 03:00 on October 29, 2024. The entire process is set to be completed by April 28, 2025. During this period, users holding the affected tokens will see them automatically converted into USDC.
Affected Tokens and Withdrawal Deadline
The tokens affected by this conversion are:
- Vai (VAI)
- Tornado Cash (TORN)
- OMG Network (OMG)
- Waves (WAVES)
- HUMIDITY (XEM)
- BarnBridge (BOND)
- Dock (DOCK)
- MDEX (MDX)
- PolkaStarter (POLS)
- Pundi X PURSE (PURSE)
If you own any of these tokens, you have until 02:59 on October 28, 2024 to withdraw them from your Binance wallet. After this deadline, withdrawals will no longer be supported, and you won’t be able to transfer these tokens to external wallets.
The conversion to USDC will be based on the average exchange rate for each token during the “Conversion Period.” This period starts at 03:00 on October 29, 2024 and ends at 02:59 on April 28, 2025. After the conversion is completed, users will receive the equivalent amount of USDC in their Binance wallets.
Important Notices
- Deposits of the affected tokens are no longer supported.
- You can withdraw the affected tokens until 02:59 on October 28, 2024, depending on network conditions.
- You won’t be able to see these tokens in your wallet until the conversion process is finalized after the snapshot on October 29, 2024.
*Please note that this content is not intended as investment advice.
For more details, refer to the DeFi Daily News website. Stay updated with the latest news articles on various trending topics in the world of decentralized finance.
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