Following a regular compliance review, Binance will halt spot trading for six tokens, including CVP, LOOM, and VGX, on August 26, 2024.
Key trading pairs like CVP/USDT and LOOM/BTC will be removed as Binance delists six tokens on August 26, 2024, impacting multiple services.
Binance delists tokens like REEF and EPX, ending spot trading on August 26, 2024, affecting various products like Simple Earn and Auto-Invest.
Binance plans to delist and cease trading on all spot trading pairs of several tokens on August 26, 2024, at 06:00 UTC. The tokens that will be removed from the platform include PowerPool (CVP), Ellipsis (EPX), ForTube (FOR), Loom Network (LOOM), Reef (REEF), and VGX Token. This action was the outcome of Binance's regular review processes, which examined the viability and compliance of digital assets with tight exchange regulations.
https://twitter.com/hiRavenCrypto/status/1822927662332948667
The exact trading pairs being removed include CVP/USDT, EPX/USDT, FOR/BTC, FOR/USDT, LOOM/BTC, LOOM/TRY, LOOM/USDT, REEF/TRY, REEF/USDT, VGX/USDT. After August 26, all trading orders in the impacted pairings will be removed from the order books.
Important Dates and User Actions
Binance has provided several key dates for users holding the affected tokens. Starting from 03:00 UTC on August 27, 2024, any deposits made with these tokens will no longer be credited to Binance accounts. Also, the support for withdrawing these tokens will end at 03:00 UTC on November 26, 2024.
Binance has also mentioned that there may be an option to convert delisted tokens into stablecoins for users after November 27, 2024. However, this conversion is not guaranteed, and a separate notification will be issued if applicable.
Users are encouraged to monitor their token balances to ensure smooth asset management and refrain from enabling the "Hide Small Balances" option in their wallets. This will allow them to view their holdings even after completing the delisting process.
Impact on Binance's Additional Services
The delisting of these tokens will also affect several other Binance services. For instance, Binance Simple Earn will no longer support these tokens after August 22, 2024. Any existing Flexible and Locked Products positions involving these tokens will be automatically redeemed, and the proceeds, along with any accrued rewards, will be transferred to users' Spot Wallets. Similarly, Binance Auto-Invest plans that include these tokens will be discontinued after August 20, 2024.
Users engaged in Binance Loans and VIP Loan services are advised to repay any outstanding LOOM, REEF, and EPX loans by August 20, 2024. Failure to do so may result in potential losses. Additionally, the Funding Rate Arbitrage Bot will terminate strategies for the LOOM/USDT and REEF/USDT pairs on August 19, 2024.
Continuing Services and Market Response
While the delisting impacts a wide range of services, certain trading products will remain unaffected. Notably, trading for the USDⓈ-M LOOMUSDT and REEFUSDT Perpetual Contracts will continue as usual. This selective approach demonstrates the complexity of managing cryptocurrency trading products and Binance's efforts to minimize user disruptions.
The announcement immediately impacted the market prices of the affected tokens, with Reef's (REEF) decline translating to $0.0008747 off its market value, with a 25.15% drop within the first 24 hours of the announcement. Loom Network's price dropped by 14.47% during the same time, reaching $0.0465. ForTube suffered the most, falling to $0.00903 in just 24 hours, with a 39.11% drop.
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