The post Binance Delisting Sparks Panic: WRX, AKRO, BLZ Prices Crash 40% appeared first on Coinpedia Fintech News

Binance the world’s largest crypto exchange with 250 million users globally has announced the delisting of three digital assets—WazirX (WRX), Kaon (AKRO), and Bluzelle (BLZ). This move comes as part of Binance’s regular reviews to ensure listed tokens meet its high standards. However, the delisting has led to a sharp price drop of 20% to 40% for these coins.

Why Are These Tokens Being Delisted?

Binance cited various factors behind the delisting decision. The platform conducts regular reviews to ensure listed assets meet high standards, considering factors like development activity, trading volume, network stability, and regulatory compliance.

After a thorough evaluation, WRX, AKRO, and BLZ were found not to align with these criteria. This decision highlights Binance’s commitment to protecting users and maintaining a sustainable crypto ecosystem.

Key Dates to Keep in Mind

The delisting process begins with the removal of all trading pairs;

Trading Pairs Removal: Trading for WRX/USDT, AKRO/USDT, BLZ/BTC, and BLZ/USDT, will delist on December 25, 2024, at 03:00 (UTC).

Deposits and Withdrawals: Deposits of these tokens will no longer be credited after December 26, 2024, at 03:00 (UTC). Withdrawals will be supported only until February 25, 2025, at 03:00 (UTC).

For futures traders, Binance will settle and close all BLZUSDT contracts on December 23, 2024. Meanwhile, services like Binance Margin, Auto-Invest, and Gift Cards will gradually phase out support for these tokens in the coming weeks.

WRX, AKRO, BLZ, Recorded Massive Drop

Following Binance’s announcement to delist these tokens, their prices experienced a sharp decline. India’s leading crypto exchange token, WazirX (WRX), dropped by 40% in just a few hours, now trading around $0.15.

Similarly, Kaon (formerly Akropolis), represented by AKRO, also faced a steep fall, plunging by 25% followed by the BLZ token recording a drop of 24% now trading around $0.10. 

Binance Advice To Users

Binance has urged users to close any open positions and manage their holdings before the deadlines to avoid disruptions.