Binance Prepares for Major Altcoin Conversion

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The major cryptocurrency exchange Binance is preparing to make a significant change regarding the use of certain altcoins it once listed but later delisted. Accordingly, Binance recently announced that these delisted altcoins will be converted to USDT, and outlined its plan to end deposit and withdrawal services for these altcoins. The conversion of 15 altcoins is scheduled to take place on April 21, 2024, at 03:00 AM local time based on the assets in users’ wallets at that moment.

The 15 Altcoins Indicated by Binance

Cryptocurrency exchange Binance has informed users that they can submit withdrawal requests for delisted altcoins such as Moeda Loyalty Points (MDA), Helium (HNT), Mithril (MITH), DFI Money (YFII), Mirror Protocol (MIR), Venus Reward Token (VRT), TokenClub (TCT), Augur (REP), EasyFi (EZ), Swerve (SWRV), Boba Network (BOBA), Serum (SRM), Raiden Network Token (RDN), Cobak Token (CBK), and OnX Finance (ONX) until 02:59 AM local time on April 21, 2024. However, after this date, the withdrawal services will cease.

For users who continue to hold the mentioned altcoins in their exchange wallets without withdrawing, Binance will convert the affected altcoins to the largest altcoin, USDT, and deposit the equivalent amount of USDT into users’ wallets on October 20, 2024, at 02:59 AM local time. The conversion will be based on the average price of the altcoins during the Conversion Period from April 21, 2024, to October 20, 2024.

The cryptocurrency exchange advises users who own any of the altcoins and continue to hold them in their Binance wallets to be aware of the provided dates and to take necessary precautions before the final withdrawal date to avoid any inconvenience.

Binance also emphasized that deposit operations for the affected altcoins are no longer supported and that any deposits made for these altcoins will not be reflected in users’ wallets.

Email Notifications to be Sent to Affected Users

Binance will inform all affected users via email by 02:59 AM local time on April 8, 2024, providing them with more details about the USDT conversion process and the average prices during the Conversion Period. Users will also not be able to view the mentioned altcoins in their Binance wallets during the Conversion Period.

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