Binance to convert Monero, Bitcoin Gold to USDC, delist Loom Network

Binance is set to convert more than a dozen tokens to the USDC stablecoin, as well as delist six additional tokens, as part of its latest platform adjustments.

Cryptocurrency exchange Binance is preparing to convert multiple tokens on its platform to USDC based on users’ wallet holdings, with the exchange aiming to simplify trading pairs.

The exchange said in a blog post on Aug. 12 that it will convert 15 tokens, including privacy-focused Monero (XMR) and Bitcoin Gold (BTG), to Circle’s stablecoin USD Coin (USDC). Binance did not explain the reason behind the move, but noted that users will be able to withdraw the tokens before 23:59 UTC on Sept. 1.

The conversion is said to be based on the “average token-USDC exchange rate” between 00:00 UTC on September 2 and 23:59 UTC on October 1. The exchange noted that deposits of any of the above tokens are “no longer supported and will not be credited to user accounts.” Following the announcement, Monero’s price showed minimal movement, falling by 0.52%, according to data from crypto.news.

Binance delists new tokens

In addition to the rotation, Binance also announced plans to delist six additional tokens, including Loom Network (LOOM) and VGX Token (VGX), starting August 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 fell by more than 12%, while VGX saw a more significant decline, losing more than 25% of its value.

The move marks another step in Binance’s evolving relationship with USDC, following its decision two years ago to intensify liquidity by removing a basket of stablecoins, including USDC, from its trading pairs. However, in response to regulatory developments such as the EU’s Markets for Crypto-Assets (also known as MiCA) framework, Binance has reintroduced USDC trading pairs and even converted assets in its multi-billion-dollar User Safe Asset Fund to USDC.