Bittime - Binance users need to be aware of important changes regarding the balance of certain tokens in their accounts. Binance plans to convert some token balances into Tether (USDT) automatically. In addition, withdrawals for a number of previously registered tokens, as well as airdrop tokens, will be stopped.
Convert Token Balance to USDT
According to Binance's official announcement, certain token balances will be automatically converted into USDT based on the amount a user has at a certain time (snapshot time). This conversion process will use the exchange rate at the time the snapshot was taken. Here are the details of the tokens that are automatically converted into USDT.
- Moeda Loyalty Points (MDA)
- Helium (HNT)
- Mithril (MITH)
- DFI.Money (YFII)
- Mirror Protocol (MIR)
- Venus Reward Token (VRT)
- TokenClub (TCT)
- Augur (REP)
- EasyFi (NO)
- Swerve (SWRV)
- Boba Network (BOBA)
- Serum (SRM)
- Raiden Network Token (RDN)
- Try Token (CBK)
- OnX Finance (ONX)
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Important Dates and Times
- Snapshot Time: April 21 2024 at 08.00 WIB
- Convert to USDT: Binance will convert affected token balances to USDT before 07.59 WIB on October 21, 2024.
Also Read: Binance vs Coinbase Comparison
Termination of Certain Token Withdrawals
After taking the snapshot on April 21, 2024, Binance will no longer support withdrawals for listed tokens or airdropped tokens mentioned above. Users who wish to withdraw these tokens must do so before the specified time limit.
Also Read: Binance's New CEO and His Impact on the Crypto Market
Why is Binance Converting and Ceasing Withdrawals?
Binance has not provided an official explanation regarding the reasons behind the conversion of tokens to USDT and the suspension of withdrawals for certain assets. However, this step is generally taken when the token is deemed to have low liquidity or no longer meets listing standards on Binance.
Also Read How To Buy Crypto:
What Should Users Do?
Users who have affected token balances have several options:
- Selling tokens before conversion: Users can sell the affected tokens on the market before the conversion date to USDT.
- Letting tokens convert: If users don't mind conversion to USDT, they can let the tokens be converted automatically by Binance.
- Contacting Binance support: Users who have questions or need further clarification can contact the Binance support team.
This information is expected to help Binance users manage token balances and take necessary actions before the specified deadline. Make sure to always follow official announcements from Binance to get the latest information regarding changes to their policies and services.
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How to Buy Crypto with Bittime
You can buy and sell crypto assets in an easy and safe way via Bittime . Bittime is one of the best crypto applications in Indonesia which is officially registered with Bappebti.
To be able to buy crypto assets on Bittime , make sure you have registered and completed identity verification. Apart from that, also make sure that you have sufficient balance by depositing some funds into your wallet. For your information, the minimum purchase of assets on Bittime is IDR 10,000. After that, you can purchase crypto assets in the application. Learn Complete Guide How to Buy Crypto on Bittime .
Monitor price chart movements of Bitcoin (BTC) , Ethereum (ETH) , Solana (SOL) and other cryptos to find out today's crypto market trends in real-time on Bittime.
Read Also:
Tether, the Controversial Stablecoin
The Complete Guide to Understanding Tether (USDT) 2024
Binance Launchpad and Binance Launchpool, What's the Difference?
DISCLAIMER : This article is informational in nature and is not an offer or invitation to sell or buy any crypto assets. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices can change significantly from time to time and Bittime is not responsible for changes in fluctuations in crypto asset exchange rates.
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