1. BITBILIHome
  2. Article

Binance shifts strategy: NBS tokens to convert to USDT, delisting effect continues

• 211 views

TL;DR Breakdown

  • Binance is converting New Bitshares (NBS) tokens to US dollars, a significant shift from its original course.
  • After delisting several tokens in 2022, Binance had a withdrawal phase until January 2023 for users affected.
  • Binance will pause NBS deposits and withdrawals after September 9, 2023, except for withdrawals initiated before that date.

Description

Binance, the world’s leading cryptocurrency exchange, has unveiled plans for a significant token swap. This initiative entails the conversion of all New Bitshares (NBS) tokens residing within user wallets to US dollars, marking a departure from the initial trajectory set almost a year ago. This decision arrives on the heels of Binance‘s delisting of District0x … Read more

Binance, the world’s leading cryptocurrency exchange, has unveiled plans for a significant token swap. This initiative entails the conversion of all New Bitshares (NBS) tokens residing within user wallets to US dollars, marking a departure from the initial trajectory set almost a year ago.

This decision arrives on the heels of Binance‘s delisting of District0x (DNT), New Bitshares (NBS), Bitcoin Gold (BTG), and Token Club (TCT) back in October 2022. The exchange’s initial declaration, stating that deposits involving these tokens would become null after October 25th, 2022, set the stage for a subsequent withdrawal phase, slated to persist until January 25, 2023.

The latest move, set to be executed by December 8, 2023, takes a different route. Users holding NBS tokens within their Binance wallets on the snapshot date of September 9, 2023, stand to see their tokens transformed into USDT at an average exchange rate from September 9th to December 8th, 2023.

Transitioning into the future, Binance plans to halt accepting additional NBS token deposits and temporarily suspend withdrawals starting September 9, 2023. Users can initiate token withdrawals before this date, contingent on the availability of requisite infrastructure. However, following September 9th, NBS tokens will cease to be withdrawn or transferred to other wallets.

It’s noteworthy that users who possess New Bitshares (NBS) tokens within their Binance wallets until August 25, 2023, at 23:59 (UTC), will be notified through email, according to the official announcement made by Binance. The process of token conversions, though crucial, will render users unable to monitor their NBS token balances on the Binance platform during the intervening months between September and December.

This strategic maneuver by Binance showcases the exchange’s ability to adapt and evolve its offerings in response to changing dynamics within the cryptocurrency space. The conversion of NBS tokens into USDT underscores the exchange’s commitment to ensuring user convenience and flexibility within an ever-fluctuating market landscape. As the cryptocurrency community watches this unfolding transition, Binance’s innovative move could set a precedent for similar maneuvers across the industry.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decision.15:10

文章来源于互联网:Binance shifts strategy: NBS tokens to convert to USDT, delisting effect continues

Disclaimers:

1. You are solely responsible for your investment decisions and this info is not liable for any losses you may incur.

2. The copyright of this article belongs to the writer, it represents the writer's opinions only, not represents the site's ones. Not financial advice.

Previous 2023年8月19日 02:31
Next 2023年8月19日 04:03

Related articles

  • UK shop price inflation drops owing to decreased food costs pressure

    TL;DR Breakdown U.K. shop price inflation reached its lowest level in nearly a year in August, with a 6.9% annual rate, down from 8.4% in July. Shop prices decreased due to lower food expenses, with food inflation dropping to 11.5% in August, the lowest level since September. In August, consumer confidence improved by five points, with inflation rates easing and rising earnings, indicating a positive outlook on financial situations and the economy. Description The shop price inflation in the UK dropped to its lowest level in nearly a year in August. A decrease primarily influenced this decline in the pressure on food costs. According to data from the British Retail Consortium (BRC) released on Tuesday, the yearly inflation rate slowed to 6.9% in August. That was a notable … Read more The shop price inflation in the UK dropped to its lowest level in nearly a year in August. A decrease primarily influenced this decline in the pressure on food costs. According to data from the British Retail Consortium (BRC) released on Tuesday, the yearly inflation rate slowed to 6.9%…

    Article 2023年8月29日

  • Uniswap price analysis: UNI shows bearish potential at $5.1

    TL;DR Breakdown Uniswap price analysis is bearish today. The strongest resistance is present at $5.351. The strongest support is present at $5.101. Uniswap price analysis reveals that the market is following a negative trend below the $5.5 mark and is likely to remain today May 29, 2023. The UNI/USD pairing demonstrated a notable upward trend on May 27, 2023, as the price surged from $4.9 to $5.2. However, this positive momentum was short-lived, as the subsequent day, May 28, 2023, witnessed a significant bearish trend in the cryptocurrency’s value. Consequently, the price experienced a notable decline, ultimately settling at $5.1. Looking ahead, market projections suggest that the price of Uniswap is likely to maintain a range around the $5.5 mark until the beginning of June. Uniswap, a prominent decentralized exchange protocol, is currently valued at $5.13, with a substantial trading volume of $243.34 million over the past 24 hours. Its market capitalization stands at $2.96 billion, and it holds a market dominance of 0.25%. Notably, the price of UNI, Uniswap’s native token, has observed a 1.17% increase within the last day….

    Article 2023年6月2日

  • Malaysian ringgit to remain stable in coming week amid expectation to recover by end of 2023

    TL;DR Breakdown The Malaysian ringgit is expected to remain stable against the US dollar, fluctuating between 4.66 to 4.68. Chief economist Mohd Afzanizam Abdul Rashid anticipates continued weakness in the ringgit, influenced by the expected restrictive monetary policy of the US Federal Reserve. MIDF Research predicts a recovery for the ringgit, projecting it to appreciate 4.24 against the US dollar by the end of 2023. Description The Malaysian ringgit is anticipated to remain stable against the US dollar, hovering between 4.66 to 4.68. According to Mohd Afzanizam Abdul Rashid, the chief economist and head of social finance at Bank Muamalat Malaysia Bhd, the ringgit is expected to stay on its current path, indicating a continued weakness. This projection is influenced by … Read more The Malaysian ringgit is anticipated to remain stable against the US dollar, hovering between 4.66 to 4.68. According to Mohd Afzanizam Abdul Rashid, the chief economist and head of social finance at Bank Muamalat Malaysia Bhd, the ringgit is expected to stay on its current path, indicating a continued weakness. This projection is influenced by the…

    Article 2023年9月9日

  • IMF tips eNaira for improvement in its assessment

    TL;DR Breakdown The IMF has tipped the Nigerian CBDC for improvement following its first development anniversary. The agency talks about the CBDC’s flaws. Nigeria’s eNaira, the country’s central bank digital currency (CBDC), recently celebrated its first year in operation, and the International Monetary Fund (IMF) has released a working paper analyzing its performance during this period. While the IMF researchers commended the eNaira’s debut year, they also provided suggestions for improvement. IMF suggests improvements to the eNaira As the second CBDC in the world after the Bahamian Sand Dollar, the eNaira made its debut in October 2021. The IMF paper revealed that the retail side of the eNaira showed no latency issues. However, its adoption remained limited to initial users, failing to achieve its primary goals of extending financial inclusion to the unbanked population and facilitating remittances, as envisioned by the Central Bank of Nigeria. The paper highlighted that only around 1.5% of eNaira wallets were active weekly, with a total of 802,000 transactions recorded during the observed period. These figures indicate minimal usage, with less than one transaction per…

    Article 2023年5月20日

  • Blockchain revolution: Crypto and AI unite in new era

    TL;DR Breakdown Artificial Intelligence (AI) is set to revolutionize the blockchain industry, increasing transparency and decentralization. AI is being used to enhance the user experience in crypto transactions, making it more accessible for everyday users. Description As blockchain navigates a challenging landscape marked by recent lawsuits from the US Securities and Exchange Commission against Coinbase and Binance, a new ally appears on the horizon. Artificial Intelligence (AI), brought into the mainstream by OpenAI’s ChatGPT bot, is now showing potential as a transformative force in the blockchain industry. While crypto once held … Read more As blockchain navigates a challenging landscape marked by recent lawsuits from the US Securities and Exchange Commission against Coinbase and Binance, a new ally appears on the horizon. Artificial Intelligence (AI), brought into the mainstream by OpenAI’s ChatGPT bot, is now showing potential as a transformative force in the blockchain industry. While crypto once held the public’s fascination, AI has now claimed center stage, attracting significant attention from the innovators and investors who once spurred the crypto boom. However, this isn’t a shift away from blockchain;…

    Article 2023年6月27日
TOP