Binance has announced its plan to convert users’ holdings of several tokens into USDC (USD Coin). This process will take place based on a snapshot of users’ Binance wallet balances at 00:00 (UTC) on October 29, 2024.
The conversion will be completed, and equivalent USDC amounts will be credited to users’ wallets by 23:59 (UTC) on April 28, 2025.
Impacted Tokens:
The following tokens are affected by the conversion:
- Vai (VAI)
- Tornado Cash (TORN)
- OMG Network (OMG)
- Waves (WAVES)
- NEM (XEM)
- BarnBridge (BOND)
- Dock (DOCK)
- Mdex (MDX)
- Polkastarter (POLS)
- Pundi X PURSE (PURSE)
Key Dates and Information:
- Withdrawal Deadline: Users may withdraw these tokens from their Binance wallets before 23:59 (UTC) on October 28, 2024. After this date, withdrawals will no longer be supported.
- Conversion Period: The conversion will occur between October 29, 2024, and April 28, 2025, with the final USDC credited based on the average token-to-USDC exchange rate during this time.
- Notification: All users holding these tokens will receive an email notification from Binance by October 15, 2024, explaining the process.
- Deposits Disabled: Deposits for these tokens are no longer supported. Any attempts to deposit these tokens will not be credited to user accounts.
During the six-month Conversion Period, users will not be able to view the impacted tokens in their wallets. Binance will send further details regarding the average exchange rates and the final conversion when the process is completed.
