Binance, one of the world’s largest cryptocurrency exchanges, has announced the delisting of six altcoins. Affected currencies – PowerPool (CVP), Ellipsis (EPX), ForTube (FOR), Loom Network (LOOM), Reef (REEF), and VGX Token (VGX). The currencies to be delisted saw sharp declines in value, falling significantly immediately after the announcement.
Binance revealed that the cancellation will be effective from August 26, 2024, at 06:00 am Riyadh time. The platform will remove all spot trading pairs for these currencies, which include CVP/USDT, EPX/USDT, FOR/BTC, FOR/USDT, LOOM/BTC, LOOM/TRY, LOOM/USDT, REEF/TRY, REEF/USDT, and VGX/USDT. All existing trading orders will be automatically cancelled.
Binance conducts periodic reviews to assess factors such as team compliance, quality of development activity, trading volume, liquidity, network security, stability, public communication, responsiveness to inspection requests, and compliance with new regulatory requirements. When a currency does not meet these criteria or the industry landscape changes, Binance makes a deeper review and may make a decision to delist it.
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The impact of advertising on prices was immediate and significant. The price of the CVP fell by almost 14%, EPX by 22%, FOR by 20%, LOOM by 13%, REEF by more than 20%, and VGX by 18%. These declines reflect the market’s sensitivity to platform cancellations, as they are often seen as an indicator of the viability of the digital token.
As of August 27, 2024, Binance will no longer accept deposits in these currencies. But it will continue to support withdrawals until November 26, 2024. Later, Binance may convert these coins into stablecoins, but this is not guaranteed and users will be notified in advance if this happens.
In a separate development, Binance has informed its users of an upcoming automatic conversion of 15 altcoins that were previously delisted to the USDC stablecoin. This conversion will be performed based on user balances as recorded at the scheduled time of capture on September 2, 2024, at 03:00 AM Riyadh time. The goal is to provide stable value to users after removing these coins from active trading.
These currencies are:
- Bitcoin Gold (BTG)
- Bitcoin Standard Hachret Token (BTCST)
- Beit Shares (BTS)
- District0x (DNT)
- Grostelquin (GRS)
- HEGIC
- Mobile Coins (MOB)
- Monero (XMR)
- Monitha (MTH)
- Multichain (MULTI)
- Nav Coin (NAV)
- SOLO Genic (SOLO)
- Spartan Protocol (SPARTA)
- Sepol (XYM)
- TRIBE
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