Binance is the biggest crypto in the market by trading volume handling some $3.8 billion dollars in 24 hours. If you have been using cryptocurrency exchanges, then you know that feeling when you have a few coins (leftover from trading activity, commonly called “dust”) left in the wallet that cannot be moved from there. The reason is the fees to move those coins are higher than the available balance. This dust adds up leaving users with fractional balances across multiple cryptocurrencies.
On April 24, Binance added a very awaited and much requested feature: It will allows users to sell their dust and receive Binance Tokens (BNB) instead.
The announcement was made directly by Binance CEO, Changpeng Zhao, on Instagram and Twitter. His humorous Twitter post, for example, reads, “I hear the team has built a broom, who wants it?”
In such a way Binance is trying to introduce users to their new BNB token that is expected to be the native virtual currency of the future decentralized exchange that Binance is working on.
Those wishing to exchange the dust to BNB need to go to Funds > Balances and then select the coins they want to exchange for BNB tokens. The next step will be to click the Convert To BNB button and then the Exchange button and confirm. The process can only be done once per day and it works only with the BNB token. At this time, it also appears to be working only on Desktop and Web and the Mobile functionality is in plans.
One Reddit user has already shared the experience with the new feature: “Tested it on my personal account, and it worked like a charm! Feels good to see all those balances to 0 finally.”
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