As a seasoned researcher with extensive experience in the cryptocurrency market, I find myself constantly keeping tabs on updates from major players like Binance. The recent announcement regarding the conversion of specific delisted cryptocurrencies to USDC by 2025 has caught my attention.
TL;DR
- Binance will convert specific holdings of delisted cryptocurrencies to USDC by April 28, 2025, with withdrawals supported until October 28, 2024.
- It recently removed the Turkish language option from its platform but assured users that services and customer support in Türkiye remain unaffected.
Conversion on the Horizon
In the first quarter of this year, I found myself parting ways with several digital currencies that Binance had decided to no longer support. These included Tornado Cash (TORN), Vai (VAI), OMG Network (OMG), Waves (WAVES), Barn Bridge (BOND), Mdex (MDX), Dock (DOCK), NEM (XEM), Polkastarter (POLS), and Pundi X PURSE (PURSE).
The company has advised users to capture a screenshot of their assets by October 29 and keep it ready. By April 28, 2025, they will transform the saved holdings into an equivalent USDC amount.
The conversion will take place using the average token to USDC exchange rate during the specified timeframe, which is from October 29, 2024, at 12:00 AM (UTC) to April 28, 2025, at 11:59 PM (UTC). This timeframe will be referred to as ‘The Conversion Period’.
Keep in mind that once the process of changing the specified tokens into USDC is finished, Binance will update this announcement and send a separate email to all users affected by this change. (Binance)
Binance guarantees that any users who possess these digital currencies will be sent an email alert within the next week. Starting now, deposits for these specific cryptos have been discontinued, but users can still make withdrawals up to October 28th.
Starting from this date, we will no longer process withdrawals for the mentioned tokens. Consequently, users will find it impossible to move these tokens out of their Binance accounts into any external wallets.
The conversion process is set to finish by April 28, 2025, at 11:59 PM (UTC). This applies to any Binance wallets containing user holdings. During this Conversion Period, users will not be able to see the specified tokens in their Binance wallets.
Another Recent Binance Update
Less than a month ago, the firm (which supports over 30 languages on its platform) removed the Turkish option on its official website and application.
As an analyst, I want to clarify that while this action may impact some of our users, it’s crucial to note that it is taken to fully adhere to legal obligations in Turkey. Rest assured, Binance.com will continue to operate seamlessly within Turkey, providing all its services as usual during this transition period.
The exchange assured that the Turkish customer service line would not be interrupted and that all user funds would remain “unaffected and safe.”
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2024-10-08 15:36