• Binance will convert all New Bitshares (NBS) token balances to USDT before December 8, 2023.
• The conversion rate will be based on users’ NBS holdings in their Binance wallets at the snapshot time of September 9, 2023.
• Users should expect to receive the Tether (USDT) equivalent of their remaining NBS tokens by December 0, 2023.
Binance to Convert New Bitshares (NBS) Token Balances
Binance, the world’s largest cryptocurrency exchange, has announced that it will convert all New Bitshares (NBS) token balances held in users‘ wallets to USDT by December 8, 2023. This conversion rate will be based on users‘ NBS holdings in their Binance wallets at the snapshot time of September 9, 2023.
Delisting of Tokens
The announcement comes almost a year after Binance delisted District0x (DNT), New Bitshares (NBS), Bitcoin Gold (BTG), and Token Club (TCT). Deposits for these tokens were not credited to user accounts after October 25, 2022 and withdrawals continued until January 25, 2023.
Notification Email
Users holding NBS tokens in any of their Binance wallets will receive an email notification by August 25th with instructions on how to proceed with the conversion process. Users have until September 9th to withdraw their NBS tokens from Binance and after this date they won’t be able to transfer or withdraw them into external wallets.
Exchange Rate
The exchange rate used for converting these tokens is derived from the average NBS/USDT exchange rate between September 9 and December 8th, 2023. Once the conversion process is complete, users should expect to receive the Tether (USDT) equivalent of their remaining NBS tokens by December 0th which is when the scheduled date for completion is set at.
Conclusion
Binance’s decision to convert all New BitShares (NBS) token balances held in users‘ wallets demonstrates its commitment towards providing a secure platform for cryptocurrency trading and exchanging services. As always it is important for users to stay informed about updates made by exchanges such as these so that they can take advantage of opportunities and protect themselves from potential losses due to changes in policy or market conditions.
