Binance, the global leader in the cryptocurrency exchange sphere, has disclosed plans to transition all New Bitshares (NBS) token balances residing in users’ wallets to USDT (Tether) by December 8, 2023. This move marks a strategic shift in the management of NBS holdings held by Binance users.
The conversion process will be executed based on the NBS token quantities held by users in their Binance wallets at the snapshot moment on September 9, 2023. The conversion rate will be determined using the average exchange rate between NBS and USDT from September 9 to December 8, 2023.
Importantly, users should note that starting from September 9, 2023, deposits of NBS tokens will not be credited to their accounts. Concurrently, withdrawals of NBS tokens will remain supported until September 9, 2023, subject to network-related factors and availability.
Binance’s strategic decision to convert NBS token balances to USDT aligns with its ongoing efforts to enhance user experience and optimize the utility of its platform’s offerings.