Binance Issues Vital Update On Tornado Cash (TORN) & These 9 Coins

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As a seasoned analyst with over two decades of experience in the financial markets, I find Binance’s latest move to delist and convert 10 tokens intriguing. While it is not uncommon for exchanges to streamline their offerings, the choice of assets seems peculiar given their market capitalization and trading volume.

Binance, one of the largest cryptocurrency exchanges, announced on Tuesday about an upcoming change involving several tokens: Tornado Cash (TORN), Vai (VAI), OMG Network (OMG), Waves (WAVES), NEM (XEM), BarnBridge (BOND), Dock (DOCK), Mdex (MDX), Polkastarter (POLS), and Pundi X PURSE (PURSE). The exchange informed its users that they will convert these tokens into USDC soon. Furthermore, Binance provided a withdrawal deadline for these tokens to make the delisting process smoother and more straightforward.

Binance Issues Announcement On Withdrawal & Conversion Of 10 Tokens

Based on a Binance announcement dated October 8th, these cryptocurrencies: Vai (VAI), Tornado Cash (TORN), OMG Network (OMG), Waves (WAVES), NEM (XEM), BarnBridge (BOND), Dock (DOCK), Mdex (MDX), Polkastarter (POLS), and Pundi X PURSE (PURSE) will be converted into USDC. This conversion will occur based on each user’s wallet holdings by October 29th. Once completed, an equivalent amount of USDC will be credited to users’ wallets by next year. The exchange expects that the process of crediting USDC to wallets will be finished by April 28, 2025.

Beyond this, the leading cryptocurrency exchange has informed its users that they can withdraw the tokens that are being delisted prior to October 28, 11:59 PM UTC. After this date, the option for withdrawals will no longer be available for the specified assets, according to the statement. Furthermore, the exchange emphasized that “the conversion process will take place based on the average token-to-USDC exchange rate between October 29 and April 28, 2025.” The prominent cryptocurrency platform has also promised to send an email to users when the USDC conversion process is completed, including other relevant details.

USDC is a Circle Internet Financial-backed stablecoin boasting international digital functionality.

Tokens’ Price In Light Of Binance Announcement

Tornado Cash

Today, the value of TORN coin was around $2.166, marking a decline of almost 6% over the past day. The lowest and highest points in the last 24 hours were $2.155 and $2.298 respectively.

Vai

Today, the value of VAI fluctuated slightly, ending at approximately $0.9998 – a 0.09% increase compared to yesterday. The lowest it dipped during the day was $0.9987, while its highest point reached $1.0107.

OMG Network

Wow, the price has stayed around $0.2796 today, representing a decrease of approximately 3% over the last 24 hours. Its lowest point in the current trading day was $0.2790, while its highest point reached $0.3220.

Waves

Yesterday, the value of WAVES coin was at $1.100, representing a 2.5% drop, following Binance’s recent announcement. During this 24-hour period, its lowest and highest points were recorded as $1.093 and $1.139 respectively.

NEM

Over the last day, XEM’s price decreased by almost 2%, currently standing at $0.01753. During trading hours, its lowest point was $0.01739, while the highest was $0.01812.

BarnBridge

The price of the BOND dropped approximately 3% in the last 24 hours, settling at a level of $1.53. The lowest it went during the day was $1.53, while its highest point was $1.62.

Dock

After Binance’s recent announcement, the value of DOCK coins decreased by approximately 3% within the last 24 hours. At the moment of press, it was trading at $0.001759. The coin’s lowest and highest points in the past day were $0.001741 (low) and $0.001832 (high), respectively.

Mdex

MDX’s price plummeted approximately 51% over the last 24 hours, currently standing at around $0.01509. Its lowest point in the same period was $0.0145, while its highest was $0.03401.

Polkastarter

POLS price showed signs of a pullback, slipping nearly 5% over the past day to $0.304. The coin’s intraday low and high were $0.3022 and $0.3263, respectively.

Pundi X PURSE

PURSE price slipped 0.81% over the past day to reach $0.0001465. The coin’s intraday low and peak were $0.0001461 and $0.0001478, respectively.

Most of the tokens removed from trading today on the exchange coincided with a halt in support by a prominent crypto exchange, reflecting this trend. In another related incident, Binance has advised that it will remove Bluzelle, CLV, SelfKey, Prosper, and VITE from its platform to enhance user options and services.

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2024-10-08 13:20