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Home»ALTCOIN NEWS»Binance sees double-digit price drop due to delisting of 3 altcoins
ALTCOIN NEWS

Binance sees double-digit price drop due to delisting of 3 altcoins

By Crypto FlexsDecember 18, 20243 Mins Read
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Binance sees double-digit price drop due to delisting of 3 altcoins
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Binance, the world’s largest cryptocurrency exchange by trading volume, announced the delisting of three altcoin spot trading pairs.

This measure, scheduled to take effect at 03:00 UTC on December 25, reflects Binance’s attempt to improve market quality.

What Binance Users Need to Do

Binance occasionally reviews the performance of listed trading pairs and analyzes various factors to determine listing and delisting actions. We evaluate factors such as the team’s commitment to the project, the level and quality of development activities, and network and smart contract stability.

Based on the above criteria, the exchange will remove tokens and trading pairs that do not meet the liquidity and trading volume criteria. The exchange claims that these measures protect users and maintain a high-quality trading environment.

“If a coin or token no longer meets these standards or the industry landscape changes, we will conduct a more in-depth review and potentially delist it. Our priority is to ensure the best service and protection for our users while continuously adapting to evolving market dynamics,” Binance said.

Against this backdrop, major exchanges have committed to delisting trading pairs for Kaon’s powerful tokens: AKRO (formerly Akropolis), Bluezelle (BLZ) and WazirX (WRX). Specifically, the exchange will remove orders for the following trading pairs and close them automatically.

  1. Acro/USDT
  2. BLZ/BTC,
  3. BLZ/USDT and
  4. WRX/USDT

Binance also stated that after delisting, the value of the tokens will no longer appear in user wallets. Deposits of these tokens will not be credited to user accounts more than 24 hours after official delisting. Users will only be able to withdraw affected tokens from Binance until 03:00 UTC on February 25, 2025.

AKRO, BLZ, WRX price performance. Source: TradingView

Immediately after this announcement, the prices of AKRO, BLZ and WRX tokens fell by double digits, between 11% and 48%. This result reflects the impact of token delisting on major exchanges.

This is not surprising, considering Binance’s history of announcing token delistings has often resulted in volatility. For example, Binance removed six altcoins in August, causing a significant drop in the prices of those cryptocurrencies. In particular, Powerful (CVP) and Ellipsis (EPX) fell 14% and 22%, respectively, immediately after the announcement of delisting.

Likewise, when Binance announced in late November that it would delist altcoins, the prices of GFT, IRIS, KEY, OAX, and REN plummeted. These results are in clear contrast to listing announcements, which often lead to surges in the associated tokens.

disclaimer

In compliance with Trust Project guidelines, BeInCrypto is committed to unbiased and transparent reporting. These news articles aim to provide accurate and timely information. However, before making any decisions based on this content, readers are encouraged to check the facts and consult with experts. Our Terms of Use, Privacy Policy and Disclaimer have been updated.

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