Binance, a major player in the cryptocurrency exchange market, has announced the conversion of Tornado Cash (TORN) along with nine other tokens into USDC. The exchange has notified its users that this conversion process will be finalized shortly, providing clarity on the status of these specific tokens.
What Tokens Are Being Converted?
The tokens undergoing conversion include Vai (VAI), Tornado Cash (TORN), OMG Network (OMG), Waves (WAVES), NEM (XEM), BarnBridge (BOND), Dock (DOCK), Mdex (MDX), Polkastarter (POLS), and Pundi X PURSE (PURSE). After the conversion, users will see their wallets credited with the respective amounts of USDC based on their current holdings.
How Will This Impact Token Prices?
Following the announcement from Binance, several of the delisted tokens faced a downturn in their market prices. For instance, Tornado Cash dropped by 6% to $2.16, while Waves and NEM also experienced declines. The most significant loss came from Mdex, which saw a staggering 51% decrease in its value.
Key takeaways from this announcement include:
- Tokens converted to USDC were selected based on current user balances.
- The deadline for withdrawals of the delisted tokens is set for October 28 at 23:59 UTC.
- Binance will determine conversion rates based on average token-USDC pricing over a set timeframe.
The decision to convert and delist certain tokens underscores the need for users to actively manage their cryptocurrency portfolios, as past trends indicate that tokens may lose value without ongoing support from major exchanges.