Tony Kim
12 Aug 2024 16:24
Binance has announced that it will delist CVP, EPX, FOR, LOOM, REEF, and VGX from its platform starting August 26, 2024, citing the need to maintain high standards.
Binance, one of the world’s largest cryptocurrency exchanges, will be delisting several digital assets from its platform starting August 26, 2024. According to an official announcement from Binance, the affected assets include CVP, EPX, FOR, LOOM, REEF, and VGX.
Delisting Criteria
The decision to delist these tokens was made after a comprehensive review process. Binance regularly evaluates digital assets listed on its platform to ensure they meet high standards and industry requirements. Factors that affect delisting include the commitment of the project team, development activities, trading volume and liquidity, network stability, public communication, responsiveness to due diligence requests, and regulatory compliance.
Details of the delisting process
Trading for the affected tokens will be suspended on August 26, 2024 at 03:00 (UTC). The specific trading pairs being removed are CVP/USDT, EPX/USDT, FOR/BTC, FOR/USDT, LOOM/BTC, LOOM/TRY, LOOM/USDT, REEF/TRY, REEF/USDT, VGX/USDT. All trading orders will be automatically removed once trading is suspended, and token valuations will no longer appear in user wallets. Deposits of these tokens will no longer be credited after August 27, 2024, and withdrawals will no longer be supported after November 26, 2024.
Impact on other Binance services
Various Binance services will also be affected by the delisting.
- Binance Simple Earnings: The affected tokens will be delisted from Simple Earn on August 22, 2024. Users will be able to redeem their positions in advance or they will be automatically redeemed and transferred to the user’s Spot Wallet.
- Binance Auto Invest: The token will be removed from the auto-investment plan on August 20, 2024. Users are advised to remove the plan to avoid disruption.
- Binance Margin: Isolated and cross margin borrowing for the tokens will be suspended from August 14, 2024. All positions will be closed and pending orders will be cancelled on August 20, 2024.
- Binance conversion: The token will remain available for sale only from August 21, 2024 to August 26, 2024, after which it will be delisted.
- Binance Pay and Gift Cards: These services will delist the affected tokens on August 21, 2024 and August 26, 2024, respectively.
- Trading bot: Service for this trading pair will be terminated on August 26, 2024.
Users are advised to update or cancel their trading bots and plans to avoid potential losses.
Future Considerations
Delisted tokens may be converted to stablecoins on behalf of users after November 27, 2024. However, this conversion is not guaranteed and will be announced separately.
Binance advises users to comply with these changes and manage their assets appropriately to avoid inconvenience. For more information, please refer to Binance’s official announcement.
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