Binance, one of the world’s largest cryptocurrency exchanges, has announced that it will delist six altcoins. The affected altcoins, PowerPool (CVP), Ellipsis (EPX), ForTube (FOR), Loom Network (LOOM), Reef (REEF), and VGX Token (VGX), saw their values plummet immediately after the announcement, each losing double-digit percentages.
Historically, Binance’s announcements of altcoin listings/delistings have had a significant impact on the price of those coins.
Users must take action before Binance delists their altcoin.
Binance will remove all spot trading pairs for these tokens as of August 26, 2024 03:00 UTC.
The affected pairs include CVP/USDT, EPX/USDT, FOR/BTC, FOR/USDT, LOOM/BTC, LOOM/TRY, LOOM/USDT, REEF/TRY, REEF/USDT, VGX/USDT. The exchange will then automatically cancel all existing trading orders.
Read more: Binance Review 2024: Is it the right cryptocurrency exchange for you?
Binance conducts periodic reviews to evaluate factors such as team commitment, quality of development activities, trading volume, liquidity, network security, stability, public communication, responsiveness to due diligence requests, and compliance with new regulatory requirements.
“If a coin or token no longer meets these criteria, or if industry conditions change, we will conduct a more in-depth review and potentially delist it,” Binance explained.
The price impact was immediate and significant. CVP fell by about 14%, EPX by 22%, FOR by about 20%, LOOM by about 13%, REEF by over 20%, and VGX by about 18%. These sharp declines reflect the market’s sensitivity to exchange delistings, which often acts as a proxy for a token’s perceived viability.
After August 27, 2024, Binance will no longer accept deposits of these tokens. However, the exchange will support withdrawals of these tokens until November 26, 2024.
Binance may later convert these tokens into stablecoins, but this is not guaranteed. A separate notice will be provided prior to such conversion.
Read more: 11 Cryptocurrencies to Add to Your Portfolio Before Altcoin Season
In a separate development, Binance has informed users that it will be automatically converting 15 previously delisted altcoins to the USDC stablecoin. This process will be based on user holdings recorded at a snapshot time of September 2, 2024 at 00:00 UTC. The goal is to provide users with a stable store of value after these tokens are removed from active trading.
These altcoins are:
- Bitcoin Gold (BTG)
- Bitcoin Standard Hashrate Token (BTCST)
- Bitshares (BTS)
- Earth0x (DNT)
- GrossCoin (GRS)
- HEGIC
- Mobile Coin (MOB)
- Monero (XMR)
- Moneta (MTH)
- Multichain (MULTI)
- Navcoin (NAV)
- Sologenic (SOLO)
- SPARTA Protocol
- Symbol (XYM)
- TRIBE
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