Binance #delisting six crypto tokens on August 26, 2024. Trading pairs for CVP, EPX, FOR, LOOM, REEF, and VGX will be removed, with deposits and withdrawals discontinued.
Binance has announced the delisting of several crypto tokens from its platform. This is set to take effect on August 26, 2024. This decision affects six tokens across multiple trading pairs, signaling a major shift in their asset offerings.
Binance Spot Pairs Delisting
The Titan crypto exchange has announced a significant update to its trading offerings. On August 26, 2024, at 11:00 UTC+8, the platform will delist and cease trading for all spot trading pairs of six tokens.
This decision comes as part of the exchange’s regular review process, which aims to ensure that all listed digital assets continue to meet the exchange’s high standards and comply with evolving industry requirements. The specific trading pairs slated for removal include CVP/USDT, EPX/USDT, FOR/BTC, FOR/USDT, LOOM/BTC, LOOM/TRY, LOOM/USDT, REEF/TRY, REEF/USDT, and VGX/USDT.
After August 26, all trade orders in the affected pairs will be automatically removed from the order books. Users are advised that deposits of these tokens will not be credited to their accounts after August 27, 2024, at 03:00 UTC.
Furthermore, withdrawal support for these tokens will be discontinued after November 26, 2024, at 03:00 UTC. In a move that may provide some relief to token holders, Binance has indicated the possibility of converting delisted tokens into stablecoins on behalf of users after November 27, 2024.
The implications of Binance delisting extend far beyond spot trading, affecting various products and services. Binance Simple Earn will delist the affected tokens after August 22, 2024, with automatic redemption of Flexible and Locked Products positions. The auto-invest feature for these tokens will be discontinued after August 20, 2024.
Binance Loans and VIP Loan services involving LOOM, REEF, and EPX will close all outstanding loan positions by August 20, 2024. The exchange strongly advises users to repay any outstanding loans before this date to avoid potential losses. Also, the exchange Funding Rate Arbitrage Bot will cease operations for LOOM/USDT and REEF/USDT pairs on August 19, 2024.
It’s important to note that while this delisting affects a wide range of their services, the USDⓈ-M LOOMUSDT and REEFUSDT Perpetual Contracts trading will continue unaffected. This distinction highlights the complex ecosystem of cryptocurrency trading products and the nuanced approach exchanges must take when managing their offerings.
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