tl;dr
Binance has announced the delisting of Tornado Cash (TORN) and nine other tokens, with a conversion of the mentioned tokens into USDC based on users' holdings as of a wallet snapshot to be taken on October 29. Users can withdraw these delisted tokens before October 28 at 23:59 UTC, after which withd...
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Binance has announced the delisting of Tornado Cash (TORN) and nine other tokens, with a conversion of the mentioned tokens into USDC based on users' holdings as of a wallet snapshot to be taken on October 29. Users can withdraw these delisted tokens before October 28 at 23:59 UTC, after which withdrawals will be suspended. The affected tokens experienced price fluctuations in response to the announcement.
Binance recently issued a vital update on withdrawal and conversion of TORN, VAI, OMG, WAVES, XEM, BOND, DOCK, MDX, POLS, and PURSE tokens. The exchange announced the conversion of wallet balances for the mentioned tokens into USDC. All the altcoins simultaneously traded in the red territory.
According to an official Binance announcement dated October 8, the exchange is set to convert VAI, TORN, OMG, WAVES, XEM, BOND, DOCK, MDX, POLS, and PURSE into USDC based on users’ holdings as of a wallet snapshot to be taken on October 29. The conversion, when completed, will result in crediting an equivalent amount of USDC to users’ wallets by next year. Notably, the completion of USDC crediting to wallets is expected to be over by April 28, 2025, the exchange’s announcement added.
Furthermore, Binance highlighted that users can withdraw these delisted tokens before October 28 at 23:59 UTC. Following this date, withdrawals will be suspended for the mentioned assets. The exchange also emphasized that “the conversion will be executed on the basis of the average token to USDC exchange rate between October 29 and April 28, 2025.” Binance will also send an email to users when the USDC conversion process wraps up, encompassing other important details.
The announcement led to price fluctuations in the affected tokens. TORN, VAI, OMG, WAVES, XEM, BOND, DOCK, MDX, POLS, and PURSE traded in the red zone, aligning with the discontinuation of support by one of the leading crypto exchanges. Meanwhile, Binance has also warned about the delisting of Bluzelle, CLV, SelfKey, Prosper, and VITE in a similar move to further streamline user offerings.