- Binance will begin converting delisted tokens such as VAI, TORN, and OMG to USDC starting October 29.
- Users need to withdraw these tokens by October 28 to prevent automatic conversion.
- Binance is improving transparency by introducing new token risk warnings and changing tokenomics.
On October 8, 2024, Binance announced it would automatically convert several delisted tokens to USD Coin (USDC swap).
The tokens affected include Vai (VAI), Tornado Cash (TORN), and OMG Network (OMG), among others. This conversion will be based on the average exchange rate between the tokens and USDC during the conversion period.
This change will impact all users holding these tokens in their Binance wallets. Binance has provided a specific timeframe for users to withdraw or convert their tokens.
Withdrawal Deadline for Affected Tokens
Binance has informed its users that they have until October 28, 2024, to withdraw any affected tokens from their accounts.
After this date, Binance will automatically convert these tokens to USD Coins (USDC). This would allow holders to access their funds.
“Withdrawals of the above tokens from Binance will be supported until 2024-10-28 23:59 (UTC), subject to network conditions and availability. After this date, withdrawals of the above tokens will no longer be supported, and users will not be able to transfer any of the above tokens from their Binance accounts to any external wallets”.
From October 28, these tokens will no longer be transferable or withdrawable from Binance wallets to other platforms. Withdrawals for these tokens will not be possible after the deadline.
So, users should adjust their trading strategies accordingly. The phased-out tokens include VAI, TORN, OMG, WAVES, XEM, BOND, DOCK, MDX, POLS, and PURSE.
Deposits of these tokens have already been suspended, and users cannot add more of these cryptocurrencies to their accounts. Binance has emphasized the importance of adhering to the guidelines in its announcement for handling digital currencies.
“The conversion of the above tokens to USDC will be completed by 2025-04-28 23:59 (UTC), and it applies to user holdings in any Binance wallets. During the Conversion Period, users will not be able to view the above tokens in their Binance wallets”.
During the Conversion Period, from October 29, 2024, to April 28, 2025, users cannot view these tokens in their Binance wallets.
Binance has assured users that they will be notified once the conversion process is finalized. Also, the tokens have been issued. After it starts delisting, Binance will establish the conversion rate during that period.
“The conversion will be executed on the basis of the average token to USDC exchange rate between 2024-10-29 00:00 (UTC) and 2025-04-28 23:59 (UTC) (hereinafter referred to as “Conversion Period”). Please note that Binance will update this announcement and send a separate email to all impacted users when the conversion of the aforementioned tokens to USDC is complete.
More information on the average exchange rates during the Conversion Period will also be provided in the email”.
Additionally, all affected users will receive an email confirming the completion of the conversion. It would provide any necessary instructions for further actions.
Historically, Binance’s delisting of tokens has led to significant price volatility, often causing double-digit price drops. Therefore, investors should be cautious and prepare for these upcoming changes.
Users Should Remember These User Notifications And Further Risk Warnings
Binance has announced that all affected users will receive an email by October 15, 2024. It will detail the conversion schedule and applicable rates.
“All users who hold any of the above tokens in their Binance wallets will receive an email notification by 2024-10-15 23:59 (UTC)”.
The exchange has also warned that delisted tokens carry certain risks. The market fluctuations may impact their value.
In addition to the token conversions, Binance has made other changes. Recently, the platform removed the Turkish language from its website and mobile app.
However, Binance assured Turkish users that this change would not affect services or customer support in Türkiye. Also, the users’ funds would remain secure.
“In accordance with the new requirements pertaining to all non-Türkiye-based crypto asset service providers by the law adopted by the Turkish Grand National Assembly on 2024-07-02, the Turkish language option on the Binance.com website and Binance App will no longer be available as of 2024-09-27”.
Furthermore, in October, Binance introduced a new feature to enhance user experience and transparency. This feature includes risk warning banners and token pop-up notifications with tokenomics changes.
Binance Is Not Only Removing Several Tokens But Also Adding New Ones
Binance is expanding its token offerings by adding new assets to its platform. A significant addition is Scroll (SCR), a zkRollup scaling solution designed for Ethereum.
According to the announcement, SCR will be listed on October 11, with pre-market trading for the SCR/USDT pair set to commence. This initiative aims to enhance Ethereum’s scalability, facilitating quicker and more efficient transactions while preserving security and decentralization.
“Binance is excited to announce the 60th project on Binance Launchpool – Scroll (SCR), a Bytecode-level compatible zkEVM Rollup”.
With this announcement, Binance becomes the first platform to list Scroll’s native token.
Additionally, the exchange will airdrop 55,000,000 SCR, which accounts for 5.5% of the total supply. Airdrop farming will commence on Wednesday, October 9, and participants will need to lock their BNB and FDUSD to receive the SCR tokens.
Disclaimer
In this article, the views, and opinions stated by the author, or any people named are for informational purposes only, and they don’t establish the investment, financial, or any other advice. Trading or investing in cryptocurrency assets comes with a risk of financial loss.