Amid the ongoing bearish sentiment across the cryptocurrency market, the world’s biggest cryptocurrency exchange, Binance, recently announced that it would soon delist several trading pairs. In its report on June 12, 2024, Binance mentioned that, based on reviews, they have decided to cease and remove the spot trading pairs ALPACA/BTC, MDX/BTC, NFP/TUSD, and XAI/BNB on June 14, 2024.
Binance to delist these tokens
Following this announcement, these tokens did not see any massive price drop; they remained stable. According to CoinMarketCap, after the Binance report, Alpaca Finance (ALPACA), Mdex (MDX), NFPrompt (NFP), QuickSwap (QUICK), and XAI (XAI) experienced price drops of 2%, 1%, 1%, 1.5%, 1%, and 2% respectively. This data shows that Binance’s decision to delist these tokens did not significantly impact their prices.
The reason for the delisting is not yet known, but Binance mentioned in its report that to protect users and maintain a high-quality trading market, they conduct periodic reviews of all listed spot trading pairs and may delist selected pairs due to multiple factors such as poor liquidity and trading volume. Binance also added that its priority is to ensure the best services and protections for its users while continuing to adapt to evolving market dynamics.
Why did Binance delist tokens from the exchange?
Besides delisting these tokens, Binance conducted a comprehensive review based on several critical factors. These included the team’s commitment to the project, the level and quality of development activity, the stability and safety of the network from attacks, and any evidence of unethical or fraudulent conduct or negligence. Additionally, the level of public communication was also considered in their decision-making process.
Moreover, this is not the first time Binance has delisted any trading pairs. Earlier this year, in February and June 2024, Binance delisted several top tokens including OMG, WAVES, XMR, ANT, MULTI, and VAI, as reported by Todayq News. Binance has repeatedly stated that user safety is their top priority and that delisting any tokens is done to safeguard investors and traders from any illicit activity.
In January 2024, several cryptocurrencies declined by 99%, experiencing rug pulls; however, they were not listed on Binance. Besides these token delistings, the overall cryptocurrency market is currently struggling to gain momentum. Top cryptocurrencies like Bitcoin, Ethereum, Solana, and BNB have been continuously experiencing price drops for the last seven days.
