Binance, a leading cryptocurrency exchange, has announced a significant operational shift that will affect holders of certain altcoins that have been removed from its listing. The company has scheduled the conversion of a specific group of 15 altcoins into the stablecoin USDT (Tether) based on the users’ wallet balances at a future date. The exchange has set a deadline for the final deposits and withdrawals of these altcoins.
Final Withdrawal Opportunity for Select Altcoins
Users who possess altcoins such as Helium, Mithril, and others that Binance has delisted, are being notified of the final opportunity to request withdrawals of these assets. Binance has indicated that beyond April 21, 2024, at 2:59 AM local time, it will discontinue withdrawal services for these cryptocurrencies. Users who opt not to withdraw their altcoins by this deadline will have their assets automatically converted into USDT by Binance.
Binance has outlined the process for this conversion, stating that it will occur on October 20, 2024. The conversion rate will be determined by the average market price of the altcoins during a specified period starting from April 21 to October 20, 2024. This measure aims to safeguard the value of users’ investments by transferring them into a more widely accepted and stable cryptocurrency.
The exchange urges users to take note of the relevant dates and ensure they manage their holdings appropriately to avoid any potential losses. Binance has highlighted that they will no longer support deposits for these altcoins, and any deposits made will not be credited to users’ accounts.
Proactive Communication with Users
Binance plans to proactively reach out to affected users via email, detailing the USDT conversion process and the calculation of average prices during the Conversion Period. The exchange will ensure users are kept informed well in advance of the transition.
Points to Take into Account
- Binance has declared the end of withdrawals for specific altcoins on April 21, 2024, at 2:59 AM local time.
- The affected altcoins will automatically convert to USDT on October 20, 2024, based on the average price in the intervening period.
- Deposit services for these altcoins have been terminated.
- Email notifications will be sent to inform and guide users through the conversion process.
In light of these developments, Binance customers holding the impacted altcoins should consider their options and act accordingly to ensure their assets are managed as per their preferences before the stipulated conversion date.
