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Binance Delisting Announcement Causes Free Fall For 3 Altcoins
Binance, the world’s largest crypto exchange by trading volume metrics, has declared the delisting of three altcoins’ spot trading pairs.
This action, set to take effect on December 25 at 03:00 UTC, reflects Binance’s attempts to enhance market quality.
What Binance Users Need To Do
Binance occasionally reviews the performance of its listed trading pairs, analyzing a variety of factors to determine its listing and delisting actions. It assesses elements such as the team’s commitment to the project, the level and quality of development activity, and the network and smart contract stability.
Based on the above, among other criteria, the exchange removes tokens and trading pairs that do not meet liquidity and volume thresholds. The exchange claims these measures protect users and uphold a high-quality trading environment.
“When a coin or token no longer meets these standards or the industry landscape changes, we conduct a more in-depth review and potentially delist it. Our priority is to ensure the best services and protections for our users while continuing to adapt to evolving market dynamics,” Binance said.
Against this backdrop, the leading exchange has committed to delisting trading pairs for Kaon’s powering token, AKRO (formerly Akropolis), Bluezelle (BLZ), and WazirX (WRX). Specifically, the exchange will remove and automatically terminate orders for the following trading pairs:
AKRO/USDT
BLZ/BTC,
BLZ/USDT, and
WRX/USDT
Further, Binance articulated that the tokens’ valuation will no longer be displayed in users’ wallets after delisting. Deposits of these tokens will not be credited to user accounts 24 hours after the official delisting. Users have only until February 25, 2025, at 03:00 UTC, to withdraw the affected tokens from Binance.
AKRO, BLZ, WRX Price Performance. Source: TradingView
In the immediate aftermath of this announcement, AKRO, BLZ, and WRX token prices dipped by double digits, between 11% and 48%. This outcome reflects the impact of token delistings from major exchanges.
It is unsurprising, considering the history of token delisting announcements on Binance often led to volatility. For instance, Binance’s removal of six altcoins in August led to substantial price drops for those cryptocurrencies. Notably, PowerPool (CVP) and Ellipsis (EPX) saw declines of 14% and 22% immediately after their delisting announcement.
Similarly, in late November, Binance’s announcement to delist altcoins sent the prices of GFT, IRIS, KEY, OAX, and REN plummeting. Such outcomes are clear contrasts to listing announcements, which often lead to the concerned tokens soaring.
This action, set to take effect on December 25 at 03:00 UTC, reflects Binance’s attempts to enhance market quality.
What Binance Users Need To Do
Binance occasionally reviews the performance of its listed trading pairs, analyzing a variety of factors to determine its listing and delisting actions. It assesses elements such as the team’s commitment to the project, the level and quality of development activity, and the network and smart contract stability.
Based on the above, among other criteria, the exchange removes tokens and trading pairs that do not meet liquidity and volume thresholds. The exchange claims these measures protect users and uphold a high-quality trading environment.
“When a coin or token no longer meets these standards or the industry landscape changes, we conduct a more in-depth review and potentially delist it. Our priority is to ensure the best services and protections for our users while continuing to adapt to evolving market dynamics,” Binance said.
Against this backdrop, the leading exchange has committed to delisting trading pairs for Kaon’s powering token, AKRO (formerly Akropolis), Bluezelle (BLZ), and WazirX (WRX). Specifically, the exchange will remove and automatically terminate orders for the following trading pairs:
AKRO/USDT
BLZ/BTC,
BLZ/USDT, and
WRX/USDT
Further, Binance articulated that the tokens’ valuation will no longer be displayed in users’ wallets after delisting. Deposits of these tokens will not be credited to user accounts 24 hours after the official delisting. Users have only until February 25, 2025, at 03:00 UTC, to withdraw the affected tokens from Binance.
AKRO, BLZ, WRX Price Performance. Source: TradingView
In the immediate aftermath of this announcement, AKRO, BLZ, and WRX token prices dipped by double digits, between 11% and 48%. This outcome reflects the impact of token delistings from major exchanges.
It is unsurprising, considering the history of token delisting announcements on Binance often led to volatility. For instance, Binance’s removal of six altcoins in August led to substantial price drops for those cryptocurrencies. Notably, PowerPool (CVP) and Ellipsis (EPX) saw declines of 14% and 22% immediately after their delisting announcement.
Similarly, in late November, Binance’s announcement to delist altcoins sent the prices of GFT, IRIS, KEY, OAX, and REN plummeting. Such outcomes are clear contrasts to listing announcements, which often lead to the concerned tokens soaring.
Aviso legal: Se incluyen opiniones de terceros. Esto no representa una asesoría financiera. Puede haber contenido patrocinado. Lee los TyC.
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