Binance, the world’s largest crypto exchange by transaction volume, announced that it has automatically converted 5 altcoins to USDT. The exchange has also disabled ‘copy trading’ services for its European users as the implementation of the MiCA regulation approaches.
Binance converted the balances of 5 altcoins it removed from the list to USDT!
cryptokoin.comAs you follow from , Binance continues its list and delist transactions without slowing down. Meanwhile, it is making some changes in terms of customer satisfaction. In this context, Binance announced today that it has automatically converted BEAM, BCD, GO, NSBT and SGB to USDT. The exchange had already removed these altcoins from its list before. Therefore, users who did not withdraw their funds from Binance despite the delisting decision converted their assets into USDT. In this regard, the stock 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 into USDT was carried out according to the snapshot on 26.12.2023 at 03:00 Turkish time. Users holding less than 0.01 USDT worth of tokens (based on the average token exchange rate) were not eligible for the conversion. Binance announced that the conversion was completed on 25.06.2024 at 03:00 Turkish time. 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 ending ‘copy trade’ services in Europe!
As of today, European Binance users have found a message on their mobile app informing them that the ‘copy trade’ service is no longer available in their region. Prior to this, Binance had warned its users of “Affected Lead Traders and Copy Traders.” The exchange advised these individuals to close their positions in the copy trade activity and transfer their funds back to their respective spot wallets by the deadline of 27 June 2024 at 23:59 GMT. After this date, all remaining open positions will be automatically closed at the market price and the assets will be transferred to spot wallets.
This development comes after Binance announced new rules regarding unapproved stablecoins in the EU on June 21. As of June 30, users will not be able to trade, deposit or withdraw stablecoins that do not comply with MiCA rules. The stock exchange made the following statement on this subject:
Stablecoins not authorized under MiCA, 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 through 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 BNB, Binance’s native token, instead of stablecoin. Therefore, the exchange 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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