Binance to convert Monero, Bitcoin Gold to USDC, delist Loom Network
Binance is set to convert over a dozen tokens into the USDC stablecoin while also delisting six additional tokens as part of its latest platform adjustments.
Cryptocurrency exchange Binance is set to convert multiple tokens on its platform to USDC based on users’ holdings in their wallets as the exchange continues aiming to simplify trading pairs.
In an Aug. 12 blog notice, the exchange said it will convert 15 tokens, including privacy-oriented Monero (XMR) and Bitcoin Gold (BTG) into Circle’s stablecoin USD Coin (USDC). Binance did not reveal the reason behind the move, but noted that users can still withdraw the tokens before Sept. 1, 23:59 (UTC).
The conversion is said to be executed on the basis of the “average token to USDC exchange rate” between Sept. 2, 00:00 (UTC) and Oct. 1, 23:59 (UTC). The exchange noted that deposits of any of the above tokens “are no longer supported, and will not be credited to users’ accounts.” Following the announcement, Monero’s price showed minimal movement, dropping 0.52%, per data from crypto.news.
Binance delists new tokens
In addition to the conversion, Binance also disclosed plans to delist six additional tokens, including Loom Network (LOOM) and VGX Token (VGX), starting Aug. 26. The decision was attributed to factors such as project team commitment, development quality, trading volume, network stability, and regulatory compliance. Amid the news, LOOM dropped by over 12%, while VGX saw a more severe decline, losing more than 25% of its value.
This move marks another step in Binance’s evolving relationship with USDC, following a decision two years ago to concentrate liquidity by removing a basket of stablecoins, including USDC, from its trading pairs. However, in response to regulatory developments like the EU’s Markets in Crypto-Assets (also known as MiCA) framework, Binance reintroduced USDC trading pairs and even converted the assets in its billion-dollar Secure Asset Fund for Users into USDC.
