Binance, one of the largest cryptocurrency exchanges worldwide, has announced that it will discontinue support for deposits and withdrawals of $DYDX tokens on the Ethereum (ERC-20) network starting February 12, 2025, at 11:00 AM (UTC). This decision is part of Binance's efforts to delist DYDX due to regulatory compliance concerns.
Although DYDX trading on Binance will remain available for the time being, users will no longer be able to transfer these tokens via the ERC-20 network. The exchange recommends that holders move their DYDX tokens to external wallets or other platforms before the deadline to ensure uninterrupted access to their assets.
This announcement has already affected DYDX’s market performance, leading to a noticeable drop in its value. The suspension is indefinite, with Binance stating that support will resume only once the token meets regulatory standards.
The move highlights Binance’s dedication to adhering to global regulatory requirements. While the immediate impact on DYDX is clear, its long-term effects will depend on how quickly the compliance issues are resolved. Binance advises users to take proactive measures to safeguard their holdings during this transition.