Binance Converts ‘Dust' To BNB With Easy Tool
Popular digital currency exchange platform Binance has finally heed to the call of crypto investors to develop a mechanism of making ‘dust’ useful. Dust is the colloquial term used to refer to the total amount of coins that an investor is unable to trade. The new feature, known as the broom, will enable users to convert their dust to BNB, the native currency of the Binance cryptocurrency exchange.
The much-awaited news were released on two leading social media platforms, Instagram and Twitter. On its Instagram story, Binance (@binanceexchange) posted a logo of the new feature, which is slight modification of the exchange’s logo, with a broom and a face being the notable additions. On Twitter, the news were released by CZ, an employee of Binance.
How Binance Dust To BNB Works
First log into your account and head over to Funds > Balances. At the top of the page, you will see the following:
Click on the Convert To BNB button which will take you to the next screen:
Scroll through your list and see if there are any coins you do not want to be converted. If you are satisfied, click on Exchange. You will then be presented with this prompt:
Click Confirm to let Binance convert your Dust to BNB. Depending on the amount of coins you are holding, this can take some time. You can only convert dust to BNB once every 24 hours. At this time, it only appears to be working on Desktop versions. They are also getting swamped, so it may take some time for your coins to convert.
Be Cautious of Any ‘Magic Broom’ Promotions
CEO CZ from Binance tweeted earlier hinting that the feature was being released. It didn't take long for scammers to try and steal some thunder.
I hear the team has built a broom, who wants it?
— CZ (@cz_binance) April 24, 2018
In his tweet, CZ also added that the firm was a running a promotion parallel to the broom’s launch. To join the promotion, investors had to navigate to two different websites for BTC and ETH respectively. The grand prize for the promotion was a ’magic broom’, to be given to the individuals who get the most ETH and BTC. Notably, the entry was limited to one time for each individual.
The promotion drew the attention of many crypto enthusiasts, if the huge number of participants was anything to go by. The rules were straightforward, with every player getting a chance at the grand prize. However, users who invested larger amounts of BTC or ETH had a considerably higher chance of bagging the top prize. To regulate the amount put in by players, Binance set a maximum deposit cap, which when exceeded, the system automatically refunds the extra cash to the depositor. The winner of the competition was set be announced on 1500 HRS GMT on the following day (24th April, 2018).
It all seems pretty legitimate doesn't it? The tweet has since been taken down promoting the “give away” but these things will continue to pop up. Be smart about where you are sending your cryptocurrency.
Will Dust To BNB Increase in $BNB’s Value
After this unexpected move, the price of $BNB is expected to shoot up in the coming days. Whether it was meant to create a chain reaction that would boost $BNB’s value or not, the introduction of the broom cold not have come at better time. Binance are renowned for constantly being ahead of the game, but it is fair to say that they outdid themselves this time.
The new feature is currently exclusive to the exchange’s desktop and web platforms. Nevertheless, plans to integrate it into the mobile app are in the advanced stages. To access the broom, click the ‘funds’ button, and then proceed to ‘balances’.