Binance names Tornado Cash (TORN) among tokens to be automatically converted and delisted

Binance announced it will automatically convert ten delisted tokens to $USDC during the conversion period opening on October 29 at 00:00 (UTC). The largest exchange by volume mentioned that all users affected by the automatic conversions will receive an equivalent amount of USDC by April 28, 2025, at 23:59 (UTC). 

The exchange further disclosed that users holding delisted tokens in their Binance wallets will receive email notifications by October 15 at 23:59 (UTC). The tokens affected include Tornado Cash’s TORN, VAI, OMG, WAVES, BOND, PURSE, POLS, BOND, MDX, XEM, and DOCK. 

One of the tokens to be delisted, $TORN, once had strong performances, hitting an ATH of $436.16 in February 2021. The coin has crashed to a little over $2, following another 8.3% drop in the last 24 hours. Polkastarter also gained significant popularity by supporting new projects.

Binance insisted that deposits and withdrawals of the delisted tokens will be supported until October 28, after which users will not be able to withdraw their funds to external wallets. The exchange further confirmed that users with the delisted tokens will not be able to view them in their Binance wallets. 

After reviewing its token listings and considering customer feedback, Binance has opened the period of delisting and auto-conversion. For instance, Tornado Cash has been in the spotlight for its involvement in money laundering and has received significant sanctions across different jurisdictions. 

Binance delists several spot and margin trading pairs  

The world’s largest exchange by volume has had several delisting of spot and margin trading pairs from its markets. The exchange explained that it would periodically delist pairs to protect its users. The criteria for delisting a token will depend on several factors, including poor liquidity, low trading volume, regulatory issues, and more. 

On October 4, Binance delisted 4 token pairs from its spot trading markets. The affected tokens included Filecoin (FIL), Optimism (OP), Acent (ACE), and Tellor (TRB), while the affected pairs were FIL/BNB, OP/BNB, ACE/FDUSD, and TRB/FDUSD. The exchange assured users that delisting the pairs will not affect the tokens’ availability on Binance. 

On September 27, Binance delisted two more spot trading pairs, HOOK/BTC and PDA/BTC. On September 28, the exchange delisted two trading pairs, METIS/BTC and BNT/BTC. On September 24, the exchange delisted 5 trading pairs from its margin trading markets, including 2 cross margin pairs and 3 isolated margin pairs. 

Binance maintains notable listings 

EigenLayer token (EIGEN) started trading on October 1, 2024, across major exchanges like Binance and Coinbase 🌍, opening at $4.09. The token powers Ethereum's security through the EigenLayer platform 🔐. With an initial supply of 1.67 billion, EIGEN has attracted significant… pic.twitter.com/YP2hv5xMyQ

— uwy (@im_uwy) October 1, 2024

Despite the exchange’s delistings this year, Binance has also introduced new tokens to its ecosystem. One notable addition was Eigen Layer’s EIGEN token, introduced to the Binance ecosystem on October 1. The exchange added the token to Simple Earn, Auto-Invest, Buy Crypto, Convert, and Margin. Binance offered EIGEN alongside BTC, FDUSD, USDT, and TRY pairs. 

The listing seemed to motivate other chains to add the token to their ecosystems. On September 27, Coinbase tweeted that it had added EIGEN to its roadmap. The exchange partnered with Eigen Layer to provide Base users with an EIGEN allocation, which will be live on October 11. 

Another exchange, Bitmart, also announced its plans to introduce the EIGEN token to its platform, according to a tweet from September 29. The exchange also encouraged its users to keep up with information posted on Bitmart socials to get more information concerning the listing.