Binance, the world's largest crypto exchange, has announced a thunderous update to its platform, including the exclusion of 15 cryptocurrencies from its quotes. The decision, which takes effect on Sept. 1, 2024, will affect a range of tokens.
Most known among them are Bitcoin Gold, a well-known fork of the original Bitcoin, and Monero, a well-known privacy coin and old-timer cryptocurrency. Users holding any of the affected instruments will have until this date to withdraw them from the black-and-yellow platform.
Arman ShirinyanIt is important to note that Binance will be converting the remaining holdings of these 15 cryptocurrencies into USDC, a stablecoin pegged to the U.S. dollar, to ensure a smooth transition. The conversion process is set to happen between September and March. After that, users will get the same value of their assets in the stablecoin.
Binance says it will send users detailed notifications about the conversion process, including specific exchange rates, by next week.
Why?
The exchange's decision was justified as part of its ongoing efforts to optimize its platform and provide users with a more focused trading environment. It is possible that, on the one hand, the crypto giant wants to remove those tokens that have no marketability in themselves and are in fact manipulated by their creators.
Yuri MolchanOn the other hand, the exchange has undergone significant regulatory pressure in recent years, and it is also preferable to remove dubious and suspicious assets before they are banned again.
Tomiwabold Olajide
Arman Shirinyan