Binance to Convert Monero and Fourteen Other Delisted Token To USDC
Binance will automatically convert these tokens into USDC at a fixed rate. This measure aims to simplify the user experience and streamline the exchange's operations.
Binance, a leading cryptocurrency exchange, has announced the conversion of fourteen tokens, effective September 2nd, 2024, at 8:00 UTC+8. The affected tokens include BTG, BTCST, BTS, DNT, GRS, HEGIC, MOB, XMR, MTH, MULTI, NAV, SOLO, SPARTA, XYM, and TRIBE.
The exchange will automatically convert these tokens into USDC at a fixed rate. This measure aims to simplify the user experience and streamline the exchange’s operations.
The decision to delist these tokens is likely based on factors such as low trading volume, project inactivity, regulatory concerns, or a lack of alignment with Binance’s overall strategy. The exchange regularly reviews its asset listings to ensure they meet certain quality and performance standards.
While the delisting may be disappointing for holders of the affected tokens, Binance claims it represents its proactive approach to maintaining a healthy and robust ecosystem. The conversion to USDC may also provide users with a stable and widely accepted alternative, facilitating further trading and investment opportunities.
Binance has advised users to withdraw their holdings of the delisted tokens before the conversion date to avoid any potential inconvenience. The exchange will no longer support withdrawals of these tokens after September 2nd.
Binance Bitcoin Reserve Rise Above July High with 1.29% Increase
Binance, a leading cryptocurrency exchange, has reported positive trends in user asset holdings and trading activity, suggesting a potential shift in market sentiment. The exchange’s 21st Proof of Reserves report, published on August 12th, offers a snapshot of user assets as of August 1st.
The report indicates a notable increase in user Bitcoin (BTC) holdings, rising to 613,471 BTC, a 1.29% growth compared to July 1st. This upward trend suggests a significant influx of Bitcoin into Binance, potentially indicating renewed investor confidence.
In contrast, user Ethereum (ETH) assets saw a slight dip of 0.21%, settling at 4.701 million ETH. Tether (USDT) assets experienced a more substantial decrease of 1.52%, reaching 21.19 billion USDT.
Binance CEO Richard Teng highlighted a remarkable net inflow of $1.2 billion within 24 hours on August 5th. This inflow represents one of the highest recorded for the exchange in 2024, suggesting a growing appetite among investors to capitalize on buying opportunities at lower prices.
