As a seasoned crypto trader with years of experience under my belt, I find myself closely following the latest developments in the Binance trading platform. The recent delisting and relisting of tokens is not unfamiliar territory for me, having witnessed similar actions by other exchanges in the past.
Binance, a leading digital asset service provider, has announced its intention to perform an automatic conversion for several tokens. These tokens include Tornado Cash (TORN), OMG Network (OMG), and Waves (WAVES). The OMG Network is currently trading at $0.28 with a 24-hour volatility of 3.2%, while its market cap stands at approximately $39.10 million and has a 24-hour volume of $9.82 million. Waves are trading at $1.11, demonstrating a 0.7% 24-hour volatility. Its market cap is around $110.98 million, with a 24-hour volume of $10.15 million.
The tokens displayed as USDC $1.00 will automatically be converted during the exchange. Here’s some information about USDC:
In addition to the mentioned tokens, other assets such as VAI ($0.08), VAI (with a 24h volatility of 4.9% and a market cap of $26.02M), NEM (XEM) ($0.02, 1.6% volatility, $157.69M market cap), BarnBridge (BOND), Dock (DOCK), Mdex (MDX), Polkastarter (POLS) ($0.30, 4.0% volatility, $30.23M market cap), and Pundi X PURSE (PURSE) will also undergo this auto conversion to USDC.
Binance Urges Users to Take Action
Accordingly, the autoconversion will be effected on April 28, 2025, at 23:59 (UTC). Upon completion, users will see their USDC balances immediately credited to their Binance wallets. Users who do not intend to have their TORN, OMG, or WAVES converted to USDC can withdraw their tokens before the due date.
After that, the trading platform will no longer allow withdrawals to an external account.
Binance intends to carry out the conversion using the average value of a token compared to USDC over the time between the snapshot and the automated conversion date. This process, known as the “Conversion Period,” begins on October 29, 2024, at midnight (UTC) and ends on April 28, 2025, at 11:59 pm (UTC). During this timeframe, users will not be able to see the affected tokens in their Binance wallets.
By October 15, 2024, at 23:59 (UTC), users impacted by this update will receive a notification from the exchange. Due to this recent advancement, effective immediately, deposits for the specified tokens such as TORN, OMG, and WAVES are no longer being accepted. Any attempts to deposit these tokens post this announcement will not be reflected in your Binance wallet. I recommend checking your account and ensuring all transactions related to these tokens are completed before the stated date.
Delisting and Relisting on the Binance Trading Platform
On crypto exchanges like Binance, it’s common practice for coins to be removed, reinstated, and automatically converted – these procedures are standard in the industry.
The exchange headed by Richard Teng regularly assesses its listings and solicits input from its user base. Frequently, tokens that have suspicious liquidity or trading activity end up being removed from the platform due to this process. Additionally, a token such as TORN (from Tornado Cash) may be subject to delisting because it’s been heavily sanctioned for its involvement in money laundering activities. As a crypto tumbler, Tornado Cash has been blacklisted in the US and Binance is choosing to avoid any kind of business relationship with it.
As per the statement, removing certain tokens aims to safeguard the users. Moreover, the company emphasized their dedication towards preserving top-tier trading environments.
As a crypto investor, I noticed that on October 4th, Binance carried out its regular platform review, resulting in the removal of several trading pairs including FIL/BNB, FIL/USD, OP/BNB, and OP/USD involving Filecoin (FIL) and Optimism (OP). This decision led to a halt in spot trading for these tokens as well. The affected pairs had a 24-hour volatility of 1.0% for Filecoin with a market cap of $2.19 billion, a daily volume of $219.63 million, and Optimism had a 24-hour volatility of 0.8% with a market cap of $2.07 billion and a daily volume of $216.38 million.
Starting from mid-September, the trading platform introduced three new tokens: NEIRO, TURBO, and Baby DogeCoin (BABYDOGE). More specifically, it started offering spot trading pairs for these coins such as NEIRO paired with USDT, TURBO paired with USDT, and 10000 BABYDOGE paired with USDT. Here are their key details:
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2024-10-08 13:12