Binance Announces Mandatory Token Swap, Cuts USDC Support on TRON

Binance, a leading cryptocurrency exchange, has announced the mandatory conversion of 15 tokens including MDA, HNT, and MITH into USDT. Withdrawals of these tokens will be disabled after April 21, and Binance will provide updates and email notifications upon completion. Additionally, Binance has ceased supporting USDC deposits and withdrawals via the Tron network, following Circle's decision to discontinue support for Tron.

Binance Announces Mandatory Token Conversion, Discontinues USDC Support on TRON Network

Binance, one of the world's leading cryptocurrency exchanges, has announced a major change that will affect users holding certain tokens and USDC stablecoins.

Mandatory Token Conversion to USDT

Binance has initiated the mandatory conversion of 15 tokens into USDT (Tether) effective immediately. This move is aimed at optimizing liquidity and enhancing the user experience. The affected tokens include Moeda Loyalty Points (MDA), Helium (HNT), Mithril (MITH), and others.

Users have until midnight on April 21 to withdraw their affected tokens. After this deadline, withdrawals will no longer be possible. Binance will provide updates and email notifications once the conversion process is complete.

"Binance will update this announcement and send a separate email to all impacted users when the conversion of the aforementioned tokens to USDT is complete," the exchange stated.

Discontinuation of USDC Deposits and Withdrawals on TRON Network

In a separate development, Binance has also announced the cessation of support for USDC deposits and withdrawals on the TRON network (TRC20). As of April 5, USDC stablecoins will no longer be credited via TRC20. However, trading USDC on Binance remains unaffected.

This move aligns with the recent decision by Circle, the issuer of USDC, to stop supporting the TRON network for undisclosed reasons. Circle users can transfer their USDC funds to other blockchains or exchange them for fiat currency. Circle plans to continue USDC operations on TRON until February 2025, though no new stablecoins will be issued on the network.

Implications for Users

These changes will affect users who hold the designated tokens or USDC stablecoins on TRC20. Users are advised to take the following actions:

• Withdraw affected tokens from Binance before midnight on April 21.
• Transfer USDC from TRON (TRC20) to other blockchains or exchange for fiat currency.

Binance's decision to convert the 15 tokens to USDT is part of its ongoing efforts to improve liquidity and user experience. The discontinuation of USDC support on TRON is a response to Circle's announcement. These changes are expected to have a significant impact on users holding the affected tokens and USDC stablecoins on the TRON network.