Binance is set to carry out a significant conversion of various tokens to USDC, affecting several prominent cryptocurrencies, including Bitcoin Gold (BTG) and Monero (XMR). This will be based on the average exchange rate from September 2, 2024, to March 1, 2025, ensuring users receive equivalent USDC for their holdings in the impacted tokens.
Bitcoin Gold, and Monero, are among the tokens set for conversion. Users holding these tokens in their Binance wallets need to be particularly aware, as they will need to withdraw their BTG and XMR before September 1, 2024, 23:59 UTC, as withdrawals will be disabled post this deadline.
Several tokens have been impacted recently 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) are included. Lastly, Symbol (XYM) and Tribe (TRIBE) have been impacted as well.
The conversion process will conclude by March 1, 2025, at 23:59 UTC. During this period, users will not see these tokens in their wallets, as the process will be based on the average exchange rates for the duration. Binance will update users via email with details on the conversion and the average exchange rates during this period.
Importantly, deposits of these tokens are no longer supported, and users should act swiftly to withdraw their holdings if they wish to do so. Binance promises to notify all affected users by August 19, 2024, with further details on the conversion.