Binance Converts Delisted BEAM, BCD, GO, NSBT, and SGB Altcoins to USDT

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Binance, the world’s largest cryptocurrency exchange by trading volume, has announced the automatic conversion of five altcoins into USDT.
Additionally, Binance has disabled ‘copy trade’ services for its European users as the implementation of the MiCA regulation approaches.
In a noteworthy development, Binance has provided details about the conversion rates and the impact on its user base.

Binance converts five altcoins into USDT and disables copy trade services in Europe amid new regulations.

Binance Automatically Converts Five Altcoins to USDT

As a part of its ongoing efforts to maintain customer satisfaction and streamline its operations, Binance has converted the balances of BEAM, BCD, GO, NSBT, and SGB to USDT. These altcoins had already been delisted from the platform, and the conversion was meant for users who missed withdrawing their assets post-delisting.

The conversion rates were based on the snapshots taken on December 26, 2023, at 03:00 AM UTC. Users holding tokens worth less than 0.01 USDT were deemed ineligible for the conversion. The final conversion was completed on June 25, 2024, at 03:00 AM UTC. Below are the conversion rates:

0.04268 USDT per BEAM
0.06251 USDT per BCD
0.00403 USDT per GO
0.22722 USDT per NSBT
0.00855 USDT per SGB

End of Copy Trade Services in Europe

Effective immediately, European users of Binance have been notified that the ‘copy trade’ service is no longer available in their region. This action follows a prior notice where the exchange recommended that impacted Leader Traders and Copy Traders close their positions and move their funds to their respective spot wallets by the deadline of June 27, 2024, 11:59 PM UTC. Any open positions remaining after this deadline would be automatically closed at market price, with assets transferred to spot wallets.

This change comes on the heels of Binance’s announcement on June 21 regarding new restrictions in the EU on unapproved stablecoins, aligned with the MiCA (Markets in Crypto-Assets) regulations. As of June 30, users will not be able to trade, deposit, or withdraw stablecoins that do not comply with MiCA standards. Binance assured that unapproved stablecoins like USDT would still be tradable and convertible on Binance’s platform.

Alterations to Reward and Referral Systems

In another significant move, Binance has revamped its reward and referral systems. Starting June 24, referral commissions for spot and margin trading will be paid out in BNB, Binance’s native token, instead of stablecoins. This changeset aligns Binance’s operations with the incoming regulatory environment, and users are advised to review their assets and consider transitioning to regulated stablecoins or other digital assets before the June 30 deadline.

Conclusion

Binance’s recent measures, including the automatic conversion of specific altcoins to USDT and the cessation of copy trade services in Europe, signify its proactive approach to adapting to the new regulatory requirements under MiCA. These steps are designed to ensure compliance and maintain operational integrity while providing clear guidance to users on managing their assets in this evolving landscape.