Binance, the world’s largest crypto exchange by trading volume, announced that it has automatically converted 5 altcoins to USDT. The exchange has also disabled ‘copy trade’ services for its European users as the implementation of the MiCA regulation approaches.
Binance converted the balances of 5 delisted altcoins to USDT!
As you have been following on Kriptokoin.com, Binance continues to list and delist without slowing down. In the meantime, it is also making some changes in terms of customer satisfaction. In this context, Binance announced today that it automatically converted BEAM, BCD, GO, NSBT and SGB to USDT. The exchange had already delisted these altcoins earlier. Therefore, it converted the assets of users who did not withdraw their funds from Binance despite the delisting decision. Accordingly, the exchange made the following statement:
Dear Binance users, Binance has completed the conversion of Beam (BEAM), Bitcoin Diamond (BCD), GoChain (GO), Neutrino System Base Token (NSBT), and Songbird (SGB) token balances to USDT.
The exchange stated that the conversion of these token balances to USDT was carried out according to the snapshot on 26.12.2023 at 03:00 TSI. Users holding less than 0.01 USDT (based on the average token exchange rate) were not eligible for conversion. Binance announced that the conversion was completed on 25.06.2024 at 03:00 PM PT. The conversion rates were as follows:
- 0.04268 USDT/ BEAM
- 0.06251 USDT/BCD
- 0.00403 USDT/GO
- 0.22722 USDT/NSBT
- 0.00855 USDT/SGB
Binance is discontinuing ‘copy trade’ services in Europe!
As of today, European Binance users have found a message on their mobile apps informing them that the ‘copy trade’ service is no longer available in their region. Previously, Binance warned of “Affected Lead Traders and Copy Traders” among its users. The exchange advised them to close their positions in copy trading activities and transfer their funds back to their respective spot wallets by the deadline of 23:59 on June 27, 2024. After this date, all remaining open positions will be automatically closed at the market price and assets will be transferred to spot wallets.
This comes after Binance announced new rules on June 21 regarding stablecoins that have not been approved in the EU. From June 30, users will not be able to trade, deposit or withdraw from stablecoins that do not comply with MiCA rules. In this regard, the exchange made the following statement:
Non-MiCA-authorized stablecoins, including USDT and others, will continue to be available for trading, deposits and withdrawals on Binance on Spot and in your wallet as usual. They will also be available for sale on Convert. Binance will not retire these stablecoins.
Reward and referral systems have also changed
The exchange also changed its reward and referral systems. Effective June 24, spot and margin trading referral commissions will be paid in Binance’s native token, BNB, instead of stablecoins. The exchange therefore advised its European users to review their holdings and consider switching to regulated stablecoins or other digital assets before the June 30 deadline.
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