Binance has plans to sunset TORN, OMG and WAVES from its platforms through autoconversion to USDC.
By Godfrey Benjamin
Edited by Julia Sakovich
Updated
3 mins read
Top digital asset service provider Binance has revealed its plan to conduct an automatic conversion for several tokens. The cryptocurrencies affected include Tornado Cash (TORN), OMG Network OMG $0.19 24h volatility: 6.0% Market cap: $26.49 M Vol. 24h: $3.75 M , and Waves WAVES $1.03 24h volatility: 3.7% Market cap: $102.40 M Vol. 24h: $12.56 M .
The exchange will auto-convert these tokens to the USDC USDC $1.00 24h volatility: 0.0% Market cap: $60.13 B Vol. 24h: $10.26 B stablecoin based on users’ holdings in their wallets at the time of the snapshot. Explicitly, Binance confirmed that it will take the snapshot on October 29 at 00:00 (UTC).
Beyond the identified tokens, other assets will also face this auto conversion to USDC. These include Vai [NC], NEM XEM $0.0153 24h volatility: 3.2% Market cap: $137.58 M Vol. 24h: $16.97 M , BarnBridge (BOND), Dock (DOCK), Mdex (MDX), Polkastarter [NC], and Pundi X PURSE (PURSE).
Accordingly, the autoconversion will be effected on April 28, 2025, at 23:59 (UTC). Upon completion, users will see their USDC balances immediately credited to their Binance wallets. Users who do not intend to have their TORN, OMG, or WAVES converted to USDC can withdraw their tokens before the due date.
After that, the trading platform will no longer allow withdrawals to an external account.
Binance plans to conduct the conversion based on the average token to USDC exchange rate between the snapshot time and the auto conversion date. Hence, the scheduled “Conversion Period” is from October 29, 2024, 00:00 (UTC) to April 28, 2025, 23:59 (UTC). Certainly, users cannot view the impacted tokens in their Binance wallets during this period.
Affected users will receive a notification from the exchange by October 15, 2024, 23:59 (UTC). As a result of this new development, deposits in any of the aforementioned tokens, including TORN, OMG, and WAVES, are no longer accepted. If a user still makes such deposits, the assets will not be credited to his Binance wallet.
Such delisting, relisting, and auto-conversion processes are routine among crypto exchanges, with Binance leading the charge.
The Richard Teng-led exchange takes time to review its token listings and receive feedback from its community. Often, tokens with questionable liquidity and trading volumes are the victims of such delisting action. Beyond this reason, tokens like Tornado Cash’s TORN is heavily sanctioned because of its role in money laundering. As a crypto mixer, Tornado Cash is sanctioned in the US and Binance aim to steer clear of any business association.
According to the exchange, delisting tokens helps protect the users. The firm also highlighted its commitment to maintaining high-quality trading markets.
On October 4, Binance removed a few trading pairs from its platform as part of its routine review. The decision affected Filecoin FIL $2.51 24h volatility: 1.0% Market cap: $1.63 B Vol. 24h: $108.88 M and Optimism OP $0.67 24h volatility: 4.1% Market cap: $1.10 B Vol. 24h: $111.01 M spot trading pairs ACE/FDUSD, FIL/BNB, OP/BNB, and TRB/FDUSD. It also ceased spot trading for the impacted tokens.
In contrast, in mid-September, the trading platform added NEIRO NEIRO $0.00018 24h volatility: 2.5% Market cap: $74.60 M Vol. 24h: $37.32 M , TURBO TURBO $0.00196 24h volatility: 6.5% Market cap: $135.55 M Vol. 24h: $43.45 M , and Baby DogeCoin (BABYDOGE). Specifically, the spot trading pairs listed for these tokens include NEIRO/USDT, TURBO/USDT, and 100000BABYDOGE/USDT respectively.
Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
Benjamin Godfrey is a blockchain enthusiast and journalist who relishes writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desire to educate people about cryptocurrencies inspires his contributions to renowned blockchain media and sites.
