Binance to Delist 10 Tokens, Including Tornado Cash (TORN)
Binance, one of the largest cryptocurrency Exchanges globally, recently announced the delisting of 10 tokens from its platform. Among the affected tokens is Tornado Cash (TORN). The Exchange will be conducting a Token conversion process for these delisted tokens, converting them to USDC, a stablecoin pegged to the U.S. dollar. The conversion process will be based on users' holdings in their Binance Wallets as of the snapshot taken on October 29, 2024, at 00:00 UTC.
Latest Binance Delisting Announcement
In addition to Tornado Cash (TORN), the other tokens facing delisting on Binance include:
- Vai (VAI)
- OMG Network (OMG)
- Waves (WAVES)
- NEM (XEM)
- BarnBridge (BOND)
- Dock (DOCK)
- Mdex (MDX)
- Polkastarter (POLS)
- Pundi X PURSE (PURSE)
Users who currently hold any of these tokens in their Binance wallets are advised to take action before the delisting process commences. Specifically, they are encouraged to withdraw any airdropped or delisted tokens by October 28, 2024, at 23:59 UTC. After this deadline, withdrawal services for these tokens will be disabled, as per the recent announcement by Binance.
Following the withdrawal deadline, the token conversion process will occur from October 29, 2024, through April 28, 2025. Binance will calculate the average exchange rate for each affected token during this period and convert them to USDC at the prevailing rates over the six-month timeframe.
By April 28, 2025, at 23:59 UTC, Binance will Credit users' wallets with the equivalent value in USDC. The exchange has assured users that once the conversion process is finalized, they will receive an update. This update will be communicated via email to all impacted users, providing details on the completed conversion and the average exchange rates used.
Reason for Removal of Tokens
While the specific reasons for delisting these tokens were not detailed in the announcement, Binance regularly evaluates the performance and compliance status of tokens listed on its platform. Factors such as low trading volumes, regulatory scrutiny, and project developments often influence delisting decisions.
This token conversion process is a significant step for users with holdings in the affected tokens. They must prepare for the impending changes by either withdrawing their tokens before the deadline or awaiting the conversion to USDC. Binance will continue to provide additional information directly to users as the conversion process unfolds.
For further updates and news related to Binance, stay tuned to their official channels and announcements.
