The world’s largest crypto exchange, Binance shared that it is converting all New Bitshares (NBS) tokens balances to USDT in users’ wallets by December 8, 2023.
The conversion will be based on the average NBS/USDT exchange rate between September 9 and December 8, 2023. During this period, the users won’t be able to deposit new Bitshares tokens into their accounts.
The NBS token was delisted in October 2022. The NBS token is used for transaction fees, voting, as a store of value, as collateral, and staking within the New BitShares Network.
Binance will send email notifications to all users by August 25, 2023, 23:59 UTC, holding New Bitshares tokens in their wallets. Withdrawals of New Bitshares (NBS) tokens will be done till September 9, 2023, 00:00 UTC, totally based on network conditions and availability.
After this date, users won’t be able to withdraw or transfer their NBS token to any other wallets. Binance will then replace all NBS with an equivalent amount of USDT by December 8, 2023, 23:59 UTC.
The New Bitshares (NBS) token’s value went down to approximately 7.8% and is trading at $0.00022057 at the time of writing.
Also Read: Binance to Delist Sonm (SNM), Serum (SRM) & DFI.Money (YFII)
