Binance Announces Conversion of Delisted Tokens to USDC: Impact on VAI, TORN, OMG, and More
Binance, one of the leading cryptocurrency exchanges, has recently announced a significant change that will impact several delisted tokens. This decision by Binance will involve the conversion of these tokens to the stablecoin USD Coin (USDC), affecting popular tokens like Vai (VAI), Tornado Cash (TORN), OMG Network (OMG), as well as others.
What You Need to Know
Binance users holding the affected tokens in their wallets have until October 28, 2024, to withdraw these tokens. After this date, the tokens will be automatically converted to USDC based on users’ holdings as of October 29, 2024, at 00:00 (UTC).
Timeline and Process
The token conversion process is expected to be completed by April 28, 2025, at 23:59 (UTC). During this period, users will not be able to deposit the affected tokens, and withdrawals will no longer be supported after the October 28 deadline.
Impacted Tokens
The list of tokens that will be converted to USDC includes:
- 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 Conversion Details
The conversion will be based on the average token to USDC exchange rate during the conversion period. Binance will notify all affected users via email by October 15, 2024, providing them with further details on the conversion rates.
It’s important to note that users will not be able to view the converted tokens in their Binance wallets during the conversion process. Any deposits of the affected tokens made after the deadline will not be credited to users’ accounts.
Stay Informed
Binance will email users once the conversion process is complete. Users are advised to refer to the original English version of the announcement for the most accurate information, as discrepancies may exist in translated versions.
As always, users are encouraged to carefully evaluate their investment decisions, considering the high market risk and volatility associated with digital assets. Binance reserves the right to amend or cancel this announcement without prior notice.
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