Leading cryptocurrency exchange Binance has announced that it will delist six crypto tokens from the exchange on August 26, 2024. The exchange will remove trading pairs for CVP, EPX, FOR, $LOOM , $REEF , and $VGX , and will suspend deposits and withdrawals.
The delisting will come into effect on August 26, 2024. This decision affects six tokens across multiple trading pairs. Delisting news can cause significant asset volatility, so be careful.
Binance Spot Pairs Are Being Delisted
The Binance cryptocurrency exchange has announced a major update. On August 26, 2024, at 11:00 UTC+8, the platform will delist and cease trading for all six-token spot trading pairs.
This decision comes as part of the exchangeâs regular review process, which aims to ensure that all listed digital assets continue to meet the exchangeâs high standards and comply with evolving industry requirements.
After August 26, all trading orders on the affected pairs will be automatically removed from the order books. Users are informed that deposits of these tokens will not be credited to their accounts after August 27, 2024, 03:00 UTC.
Additionally, withdrawal support for these tokens will end at 03:00 UTC on November 26, 2024. In a move that could provide some relief to token holders, Binance has indicated the possibility of converting unlisted tokens into stablecoins on behalf of users after November 27, 2024.
Specific trading pairs scheduled to be removed include #cvp /USDT, EPX/USDT, FOR/BTC, FOR/USDT, LOOM/BTC, LOOM/TRY, LOOM/USDT, #REEF /TRY, REEF/USDT, and VGX/USDT.
Binance official announcement is as follows;
Dear Binanci members,
At #Binance , we periodically review every digital asset we list to ensure it continues to meet a high level of standards and industry requirements. 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. Our priority is to provide the best services and protections for our users while continuing to adapt to evolving market dynamics.
We consider a variety of factors when conducting these reviews. Here are some of the factors that influence whether we decide to delist a digital asset:
Team commitment to the project
Level and quality of development activity
Trading volume and liquidity
Stability and security of the network against attacks
Network/smart contract stability
Level of public communication
Responding to our periodic due diligence requests
Evidence of unethical/fraudulent behavior or negligence
New regulatory requirements
Contribution to a healthy and sustainable crypto ecosystem
Based on our latest reviews, we have decided to delist all spot trading pairs for the following token(s) and cease trading as of 2024-08-26 03:00 (UTC).
