Binance Made Two Important Announcements: Converted These 5 Altcoins to USDT!

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.com As you follow from , Binance continues its list and delist processes 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. 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 it converted these token balances into USDT according to the snapshot on 26.12.2023 at 03:00 CET. Users who hold less than 0.01 USDT worth of tokens (based on the average token exchange rate) noted that they are not eligible for conversion. Binance announced that the conversion was completed on 25.06.2024 at 03:00 CET. 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 notice on their mobile app informing them that the ‘copy trade’ service is no longer available in their region. Before this, Binance had warned its users about “Affected President Traders and Copy Traders”. The exchange advised these individuals to close their copy trading activities and transfer their funds back to their respective spot wallets by the deadline of June 27, 2024 at 23:59 CET. After this date, all remaining open cases will be automatically closed at the market price and assets will be transferred to spot wallets.

Notice of ‘Copy Trade’ Restrictions on Binance EU. Source: Binance

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 make transactions, deposit or withdraw money with stablecoins that do not comply with MiCA rules. In this regard, the stock exchange made the following statement:

Stablecoins not authorized under MiCA, including USDT and others, will remain available for trading, deposits and withdrawals on Binance on Spot and in your wallet as usual. They will also be available for sale via Convert. Binance will not retire these stablecoins.

Reward and referral systems have also changed

The stock exchange also changed its reward and referral systems. Effective June 24, spot and margin trading steering committees 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.