Binance, the world's largest cryptocurrency exchange, announced on July 17 that it would halt deposits and withdrawals for all networks for approximately an hour. The reason is a planned wallet maintenance that will take an hour. The company stated that cryptocurrency trading will not be affected during this process, and deposits and withdrawals will be reopened if the network is deemed "stable".😮💰
Binance announced that it has removed several altcoins from its services, including BarnBridge (BOND), Dock (DOCK), Mdex (MDX), and Polkastarter (POLS). This caused the prices of these altcoins to drop at double-digit rates. DOCK in particular is down more than 50% on a 24-hour scale.
Removal of a cryptocurrency from a major platform like Binance can lead to a significant price drop due to reputational damage, reduced liquidity, decreased investor confidence, and other setbacks. This was also seen when the exchange terminated Monero (XMR) services this year. This move caused the price of the popular privacy coin to drop 35%.