Outside Source
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
Earlier this year, Binance terminated support to numerous cryptocurrencies, including 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).
It recently warned users to take a snapshot of their holdings and show it before October 29. The company promised to convert their stash to an equivalent amount of USDC by April 28, 2025.
“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,” the exchange clarified.
Binance assured that all users holding any of these coins will receive an email notification the following week. Deposits involving these cryptocurrencies are no longer supported, while withdrawals will remain available until October 28.
“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.
The conversion 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,” it concluded.
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.
“We understand that this may affect some of our users; however, we would like to emphasize that this step is necessary to ensure full compliance with legal requirements in Türkiye. During this process, Binance.com will remain fully accessible with all its services in Türkiye,” it stated at the time.
The exchange assured that the Turkish customer service line would not be interrupted and that all user funds would remain “unaffected and safe.”
This article first appeared at CryptoPotato
