On October 8, Binance announced plans to support the conversion of several delisted tokens into USDC, providing a solution for users holding these coins. This conversion process will take place based on users’ wallet balances as of a snapshot taken on October 29, 2024, at 00:00 UTC.
The tokens eligible for 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).
Binance has set a deadline of October 28, 2024, 23:59 UTC for users to withdraw any of these tokens. After this date, withdrawals will no longer be available.
The conversion will use the average exchange rate between October 29, 2024, and April 28, 2025, with users receiving USDC in their Binance Spot wallets before the latter date. Binance will send a detailed email to affected users with information on the exchange rate and conversion process by October 15, 2024.
Among the ten tokens, only BarnBridge remains available for trading on Binance Futures, where its BOND/USDT pair is still active. Currently trading around $1.53, BOND has seen a 3.38% decline in the past 24 hours. Despite modest trading volumes, BOND’s Open Interest (OI) remains high at $7.5 million, indicating ongoing speculative interest before the token is delisted.
Binance’s move comes as part of its ongoing efforts to manage delisted assets, while some users have raised concerns about price manipulation in futures markets. The case of BOND follows a similar pattern to that of Reef Finance’s REEF token, which surged despite being delisted from Binance Spot in August, only to remain on Binance Futures, sparking liquidity speculation.
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