Binance Set to Delisting Six Altcoins on August 19

In a significant move, the world’s largest cryptocurrency exchange, Binance, has announced that it will be delisting six altcoins on August 19, 2024: PowerPool (CVP), Ellipsis (EPX), ForTube (FOR), Loom Network (LOOM), Reef (REEF), and VGX Token (VGX). This decision comes after Binance assessed that these altcoins no longer meet the platform’s stringent standards for listed assets.

Review Process for Listed Altcoins

As part of its commitment to maintaining a high-quality trading platform, Binance regularly reviews the altcoins available for trading. This process involves a careful assessment based on several key criteria that play a key role in determining whether an asset will continue to be listed or will be removed. By conducting these assessments, Binance aims to improve the overall user experience and adapt to the rapidly changing cryptocurrency market. The factors taken into account include the dedication of the project team, the quality of development activities, trading volume and liquidity, as well as the security and stability of the underlying network. Binance also takes into account the project team’s responses to due diligence questions, examples of unethical or fraudulent behavior, and evolving regulatory requirements.

Delisting Details

Six altcoins identified for delisting (CVP, EPX, FOR, LOOM, REEF, and VGX) failed to meet the criteria set by Binance during its review process. Users trading these altcoins are required to complete all spot trading by 06:00 CET on August 26, 2024, when the delisting will take effect.

Binance emphasized that this decision was primarily made to protect its users and preserve the quality of the assets available on its platform.

$CVP

$REEF

$FOR