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Binance Shakes Up the Market by Delisting Six Altcoins
On August 26, 2024, Binance took the market by surprise by removing six cryptocurrencies from its platform. The affected coins—PowerPool ($CVP), Ellipsis (EPX), ForTube ($FOR), Loom Network (LOOM), REEF ($REEF), and VGX Token (VGX)—experienced dramatic price declines, plummeting between 14% and 40% in just 24 hours.
Binance regularly reviews its listed assets to ensure they align with its stringent criteria, which include factors like team dedication, liquidity, and network reliability. When a cryptocurrency fails to meet these rigorous standards, Binance takes swift action to delist it, safeguarding its users and preserving a secure trading environment.
This isn’t Binance’s first time shaking up the market with delistings, a practice that often triggers significant price movements. Staying updated on such developments is crucial for navigating the ever-changing crypto landscape.
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