Binance Delists Tornado Cash & 9 Other Tokens, What’s The Scoop?

Binance, the leading crypto exchange in the world, is set to delist 10 tokens, including Tornado Cash (TORN). The exchange will initiate a token conversion process, swapping the delisted tokens to USDC, a stablecoin pegged to the U.S. dollar. This process will be based on users’ holdings in their Binance wallets at the snapshot taken on October 29, 2024, at 00:00 UTC.

Latest Binance Delisting Announcement

The other affected tokens on the crypto exchange include Vai (VAI), OMG Network (OMG), Waves (WAVES), NEM (XEM), BarnBridge (BOND), Dock (DOCK), Mdex (MDX), Polkastarter (POLS), and Pundi X PURSE (PURSE). Users who hold any of these tokens in their Binance wallets are advised to take action before the token delisting process begins.

Specifically, they are encouraged to withdraw any airdropped or delisted tokens by October 28, 2024, at 23:59 UTC. After this deadline, withdrawal services for these tokens will be disabled, according to the recent announcement.

Thereafter, the token conversion process will take place from October 29, 2024, through April 28, 2025. During this period, Binance will calculate the average exchange rate for the affected tokens, converting them to USDC at the prevailing rates over the six-month span.

Then, the exchange will then credit users’ Binance wallets with the equivalent value in USDC by April 28, 2025, at 23:59 UTC. Additionally, the platform has emphasized that once the conversion process is complete, an update will be provided to users.

This update will be accompanied by an email to all impacted users, detailing the specifics of the completed conversion. In addition to the crediting of USDC, Binance will also share information about the average exchange rates that were used during the conversion period.

Reason for Removal of Tokens

While the specific reasons for delisting these tokens were not provided in the announcement, Binance routinely assesses the performance and compliance status of the tokens listed on its platform. Factors such as low trading volumes, regulatory scrutiny, and project developments can often prompt delistings.

This token conversion process represents an important step for users holding these assets on the platform. They will need to prepare for the changes by either withdrawing their tokens or waiting for the conversion to USDC. Further details will be provided directly to users by the exchange as the conversion process progresses.

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