Delisting: Binance to Convert Multiple Tokens to USDC, Including Monero

Binance, one of the world’s largest cryptocurrency exchanges, has announced that it will be converting several tokens to USDC (USD Coin) as part of the delisting process. The list of assets involved in the delisting process includes Monero (XMR), Bitcoin Gold (BTG), Multichain (MULTI) and MobileCoin (MOB).

According to Binance’s announcement, the conversion will take into account users’ balances in their wallets at the time of the snapshot, which will occur on September 2, 2024. Binance also informed that it should only complete the conversion process and grant the equivalent credit in USDC in users’ wallets by March 1, 2025.

Monero Removal on Binance

Monero is the largest cryptocurrency by market cap among the assets that Binance will delist. With a market cap of $2.77 billion, Monero is the 33rd largest cryptocurrency. In the past 24 hours, the price of the cryptocurrency has fallen by 0.1%, according to data from CoinGecko, to $149. Binance’s decision to delist Monero is related to the coin’s privacy concerns.

Privacy coins are cryptocurrencies designed to increase transaction anonymity. They use various cryptographic techniques to hide transaction details such as addresses and amounts, making it extremely difficult to trace or link transactions to specific individuals.

While proponents argue that these currencies protect users’ privacy by providing anonymity similar to cash, critics point to their potential for illicit use in areas such as ransomware payments and money laundering.

Binance lists affected tokens and withdrawal deadlines

Users holding the tokens listed below should be aware of the withdrawal deadlines. Binance will allow withdrawal of tokens until September 1, 2024, 23:59 (UTC). After this period, withdrawals will no longer be available. The tokens impacted by the conversion are:

• Bitcoin Gold (BTG)
• Bitcoin Standard Hashrate Token (BTCST)
• Bitshares (BTS)
• District0x (DNT)
• Groestlcoin (GRS)
• Hegic (HEGIC)
• MobileCoin (MOB)
• Monero (XMR)
• Monetha (MTH)
• Multichain (MULTI)
• Navcoin (NAV)
• Sologenic (SOLO)
• Spartan Protocol (SPARTA)
• Symbol (XYM)
• Tribe (TRIBE)

Conversion Details

The conversion will be based on the average exchange rate between the tokens and USDC during the conversion period, which runs from September 2, 2024, 00:00 (UTC) to March 1, 2025, 23:59 (UTC). After the conversion is complete, Binance will update users via an announcement and send a separate email to all affected users informing them of the completed process and the average fees applied during the period.

All users who hold any of the above listed tokens in their Binance wallets will receive an email notification by August 19, 2024, 23:59 (UTC).

Binance will no longer support deposits of the aforementioned tokens. Therefore, any deposits made will not be credited to the user’s account.

Token withdrawals will depend on network conditions and availability. After this date, it will no longer be possible to transfer tokens from Binance accounts to external wallets.

As reported by the exchange, this move is part of Binance’s strategy to adapt its services to market needs and ensure greater liquidity for its users.

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