Binance has disclosed plans to convert some of the delisted tokens to USD Coin (USDC). The exchange also notified users that tokens, like Vai (VAI), Tornado Cash (TORN) and OMG Network (OMG) would be swapped to USDC.
This development will impact all the users who have these tokens in their Binance wallets. As a result, it has given a definite time frame for withdrawals and conversions.
Withdrawal Deadline for Affected Tokens
The exchange has given its users till 28th of October 2024 to withdraw any of the affected tokens from their accounts.
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From this date, these tokens will no longer be transferable or withdrawable from the Binance wallets to other platforms. It also stated that after the deadline, withdrawals for the chosen tokens will no longer be possible.
This measure is now advising all the users to redeem their tokens prior to this date to avoid being subjected to the automatic conversion process. The tokens that are to be swapped include VAI, TORN, OMG, Waves (WAVES). As well as NEM (XEM), BarnBridge (BOND), Dock (DOCK), Mdex (MDX), Polkastarter (POLS), and Pundi X PURSE (PURSE).
In the process of delisting, the exchange has suspended the deposit of these tokens. Hence users cannot make deposits of the identified cryptocurrencies in their accounts. Binance has, however, noted that users should strictly adhere to the above guidelines in handling their digital currencies.
Conversion Process and Timeline
Binance will initiate the conversion of the delisted tokens to USDC on October 29, 2024, at 00:00 (UTC). The process is expected to be completed by April 28, 2025, at 23:59 (UTC).
Within this time, Binance will determine the conversion rate of each token to USDC. It will be done at the beginning and end of the conversion period.
The exchange has said that the converted amounts will not reflect in the users’ wallets until the conversion process is done. Binance said that it will notify the users when the conversion process is complete and the tokens have been issued.
Moreover, all the users that were affected by the conversion will receive an e-mail informing them that the conversion process is complete and, if necessary, what actions they should take next.
User Notifications and Risk Warnings on Binance
According to Binance, all affected users will be contacted via email by October 15, 2024, at the latest. This communication will explain the conversion schedule and the rates that will be applied.
Moreover, Binance has informed its users that any tokens that get delisted hold certain risks and fluctuation in the market may also affect their value.
The exchange urged its users to exercise caution and choose their actions before the conversion date as the delisted tokens will not be transferable or tradable on Binance.
At the same time, the exchange has also made other changes that are not connected with the token conversions. Lately, the platform has decided to eliminate the Turkish language from its website and the application that is used on mobile devices.
Nonetheless, Binance informed Turkish users that this change would not impact services or customer support in Türkiye. The exchange assured that users’ funds are secure and all operations will continue in the country.
Moreover, in October, it launched a new feature to further improve the user experience, which is to provide more transparency. According to CoinRepublic news, it also encompasses risk warning banners and pop-up notifications for tokens with tokenomics changes.
