Leading cryptocurrency exchange Binance has announced that it will delist spot trading pairs of three altcoins as of December 25, 2024. The move is considered part of Binance’s efforts to improve market quality and keep its users in a safer trading environment. However, altcoin prices have dropped significantly following this announcement.
Binance regularly reviews the performance of its trading pairs. Listing and delisting decisions are made based on a number of factors, including team commitment, development activities, network stability, and smart contract security. Tokens and trading pairs with insufficient market liquidity and trading volume may be removed from the exchange based on these criteria. Binance states that this approach aims to protect its users and provide a higher quality trading experience.
In this context, Binance has decided to delist the trading pairs of Kaon’s AKRO (formerly Akropolis), Bluzelle (BLZ), and WazirX (WRX) tokens. The trading pairs that will be removed are as follows:
AKRO/USDT
BLOCK/BTC
BLZ/USDT
WRX/USDT
Binance made the following statement regarding the issue:
"If a coin or token stops meeting our standards or if industry dynamics change, we will conduct a deeper review and, if necessary, delist it. Our priority is to provide the best service to our users and adapt to market conditions."
Binance also announced that after the delisting process, these tokens will not appear in user wallets and deposits of these tokens will not be possible after 24 hours from the delisting date. Users will be able to withdraw the affected tokens from their Binance accounts until February 25, 2025.
Following the announcement, the prices of AKRO, BLZ, and WRX tokens dropped significantly by 11% to 48%. This illustrates the price impact that altcoins that are delisted from major exchanges usually experience. Binance’s previous delisting decisions have also caused similar volatility. For example, the delisting of six altcoins in August 2024 caused PowerPool (CVP) and Ellipsis (EPX) to lose 14% and 22% in value, respectively. The delisting of GFT, IRIS, KEY, OAX, and REN in November caused significant declines in the prices of these tokens.
Considering that WazirX has also been going through a difficult time due to legal challenges in India, the 52.65% drop in the price of WRX is remarkable. The price of the WRX token fell to $ 0.1132 after Binance’s delisting decision, while its trading volume decreased by 19%.
Despite being integrated into Binance’s ecosystem and being one of the leading crypto exchanges in India, WazirX has been facing serious challenges recently. The exchange is facing legal scrutiny due to a $230 million hack. The Delhi High Court has ordered a fresh investigation into the hack, finding previous reports insufficient. This is negatively affecting WazirX’s reputation.
WazirX was founded in 2018 and currently has over 400,000 users. However, the platform has been under a lot of pressure recently due to legal issues and hacking incidents. Binance’s decision to delist its WRX token further deepens this difficult period.
Binance’s decision to delist the trading pairs of three altcoins aims to improve the exchange’s market quality, but this decision has led to serious price drops, especially for WRX, AKRO, and BLZ tokens. Users will have to withdraw the delisted tokens by a certain date. The legal and security issues experienced by WazirX increase the uncertainty for the exchange’s future. These developments will continue to be closely monitored in the cryptocurrency market.