Binance plans to significantly convert various tokens, including several major cryptocurrencies such as Bitcoin Gold (BTG) and Monero (XMR), into USDC. This will be done based on the average exchange rate between September 2, 2024 and March 1, 2025, and users will receive USDC equivalent to their holdings of the affected tokens.
The tokens eligible for conversion include Bitcoin Gold and Monero. Users who hold these tokens in their Binance wallets should take special note that they will need to withdraw their BTG and XMR by 23:59 UTC on September 1, 2024. After this deadline, withdrawals will no longer be possible.
Recently, several tokens have been affected, including Bitcoin Gold (BTG) and Bitcoin Standard Hashrate Token (BTCST). Other affected tokens are Bitshares (BTS), District0x (DNT), and Groestlcoin (GRS). Hegic (HEGIC), MobileCoin (MOB), and Monero (XMR) are also on the list, along with Monetha (MTH) and Multichain (MULTI). Additionally, Navcoin (NAV), Sologenic (SOLO), and Spartan Protocol (SPARTA). Finally, Symbol (XYM) and Tribe (TRIBE) are also affected.
The conversion process will finish by 23:59 UTC on March 1, 2025. During this period, users will not be able to see these tokens in their wallets as the process will be based on the average exchange rate during the period. Binance will inform users via email with details of the conversion and the average exchange rate during this period.
Importantly, deposits of these tokens are no longer supported, so users should act fast to withdraw their holdings if they wish. Binance has committed to notifying all affected users with details regarding the conversion by August 19, 2024.
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