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Binance to convert all New Bitshares (NBS) token balances to USDT before year ends

Binance to convert all New Bitshares (NBS) token balances to USDT before year ends

  • Binance periodically reviews its listed tokens to ensure they continue to meet the high level of standard we expect.
  • The New Bitshares (NBS) token was delisted by Binance in October last year.
  • At press time, the NBS token was trading at $0.0002246, down 6.05% in the last 24 hours.

Binance, the biggest cryptocurrency exchange in the world, has indicated that it will convert all New Bitshares (NBS) token balances in users’ wallets to USDT by December 8, 2023. The conversion will be carried out using the average NBS/USDT exchange rate between September 9 and December 8, 2023, and will be based on users’ NBS holdings in their Binance wallets at the snapshot time of September 9, 2023.

New NBS token deposits will not be credited to users’ accounts and withdrawals will not be possible until September 9, 2023.

Binance delisted tokens

The announcement of converting the NBS tokens to USDT comes almost a year after the exchange delisted District0x (DNT), New Bitshares (NBS), Bitcoin Gold (BTG), and Token Club (TCT) on October 24, 2022.

In the previous announcement, Binance had stated that deposits of these tokens will not be credited to users’ accounts after October 2022-10-25 00:00 (UTC). Users were supposed to commence withdrawing the delisted tokens and the withdrawals were to continue to be supported until January 25, 2023, at 00:00 (UTC).

What users should expect

According to the announcement made by Binance, users who hold New Bitshares (NBS) tokens in any of their Binance wallets will receive an email notification by August 25, 2023. 23:59 (UTC).  

The users will be able to continue withdrawing their New Bitshares (NBS) tokens from Binance until September 9, 2023, 00:00 (UTC), subject to network conditions and availability. After this date, users will not be able to withdraw or transfer their NBS token to any external wallets.  

The users should expect to receive the Tether (USDT) equivalent of their remaining NBS tokens by December 0, 2023, which is the scheduled date when the conversion will be completed. During the conversion period which will run between September and December, users will not be able to see their New Bitshares (NBS) token balances in their Binance wallets.

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