Binance, which with more than $3 billion in registered trading volumes in the last 24 hours is currently the biggest cryptocurrency exchange in the world, has announced a potentially significant policy change – it has now streamlined the process whereby users can consolidate their ‘dust’.
What is dust?
Dust refers to coin fragments left in users’ accounts after they trade. That is, coin values of less than one. Binance does not allow users to trade with less than one whole coin.
Because the value of the change can be less than the transaction fee it is often not feasible to withdraw the dust. This was considered to be a big problem amongst Binance customers because the dust could accumulate and add up to fairly significant sums.
It was possible to sell coin fragments for Binance Coin, which is the exchange’s native token, but only if that coin had a BNB trading pair, and not if the value of that token was less than 0.01.
Binance has now made the process easier by adding a button especially for this purpose and lowering the amount necessary to sell.
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I hear the team has built a broom, who wants it?
— CZ (@cz_binance) April 24, 2018
According to a company announcement, a ‘Convert to BNB’ option has been added to the toolbar at the top of the screen. In order to qualify, the dust must be worth between 0 and 0.001 Bitcoin ( approximately 8.7 USD), and must be denominated in a token which is listed on the exchange.
One BNB is worth 13.87 USD according to coinmarketcap.com.
The announcement states that a user can only make one such transaction every 24 hours, and will not be able to check their exchange history “for the time being”.