Binance To Halt Withdrawals Of These Delisted Tokens, But There’s A Catch

Binance has announced a major delisting and conversion initiative. The exchange has set a critical deadline of September 1, for users to withdraw 15 airdropped-delisted tokens from their platform. Following this deadline, they will initiate a process to convert these delisted tokens to USDC, a widely used stablecoin.

Binance To Halt Withdrawals Of 15 Delisted Tokens

Binance, one of the world’s largest cryptocurrency exchanges, has announced a significant move that will affect holders of 15 specific tokens on its platform. The exchange plans to delist these tokens and convert users’ holdings to USDC, a popular stablecoin.

This decision impacts a diverse range of cryptocurrencies, including established projects like Bitcoin Gold (BTG) and Monero (XMR), as well as other tokens such as District0x (DNT) and Spartan Protocol (SPARTA). Bitcoin Standard Hashrate Token (BTCST), Bitshares (BTS), Groestlcoin (GRS), Hegic (HEGIC), MobileCoin (MOB), Monetha (MTH), Multichain (MULTI), Navcoin (NAV), Sologenic (SOLO), Spartan Protocol (SPARTA), Symbol (XYM) and Tribe (TRIBE).

The timeline for this process is crucial for affected users. The exchange has set a deadline of September 1, 2024, at 23:59 UTC for users to withdraw these tokens from the exchange. After this cut-off point, withdrawals will no longer be possible. On September 2, 2024, at 00:00 UTC, they will take a snapshot of user holdings for the affected tokens. The conversion process will then begin, using the average token-to-USDC exchange rate over six months, from September 2, 2024, to March 1, 2025.

Binance has committed to completing the conversion and crediting users’ accounts with the equivalent USDC amount by March 1, 2025, at 23:59 UTC. This extended timeframe allows for a more accurate representation of token values, potentially mitigating the impact of short-term market fluctuations.

This move by the exchange raises questions about the future of these tokens and their ecosystems. The list includes privacy-focused coins like Monero, blockchain interoperability projects like Multichain (MULTI), and other tokens with different use cases. The delisting could potentially impact the liquidity and accessibility of these cryptocurrencies in the broader market.

Offerings Expansion Amid Partnerships

While implementing this significant delisting, the titan exchange has expanded its offerings in other areas. Binance listed Toncoin (TON) for spot trading, with new pairs including TON/BTC, TON/USDT, and TON/FDUSD that went live on August 8. This news has already impacted the TON market, with the TON price experiencing over 12% increase.

Additionally, Binance Labs has invested in Solayer, a Solana restaking network. This investment aims to enhance the Solana ecosystem by improving decentralized application security and network bandwidth, further demonstrating their ongoing involvement in various aspects of the cryptocurrency space.