Binance exchange announced on August 12 that it would delist six cryptocurrencies and remove related trading pairs at 11 a.m. on August 26 (Taiwan time). After the delisting news was made public, the prices of these cryptocurrencies were also greatly affected.
Attention to those who have bought it! Binance will delist these 6 coins on August 26.
On August 12, the well-known cryptocurrency exchange Binance announced that it would delist six coins and remove related trading pairs at 11 a.m. on August 26 (Taiwan time). Since Binance is currently the exchange with the largest spot trading volume in the world, the prices of these coins were also greatly affected after the delisting news was made public.
The six coins that Binance will delist are:
PowerPool ($CVP): A governance protocol built on Ethereum that provides actively managed structured DeFi products.
Ellipsis ($EPX): A decentralized stablecoin exchange on the BNB chain that emphasizes low slippage and low fees.
ForTube ($FOR): A DeFi protocol on the BNB chain and Ethereum chain that provides crypto lending products.
Loom Network ($LOOM): A second-layer scaling solution (Layer2) project that uses the DPoS consensus mechanism to support decentralized applications (dApps) that require high scalability and interaction requirements.
Reef ($REEF): Adopts NPoS consensus mechanism and is compatible with the Layer 1 public chain of Ethereum Virtual Machine (EVM).
VGX Token ($VGX): A token issued by the cryptocurrency asset service platform Voyager, which was affected by the bankruptcy of crypto venture capital firm Three Arrows Capital and has been in bankruptcy protection for some time.
Binance stated in the announcement that the reason for delisting the currency was mainly due to factors such as the team's commitment to the project, the level and quality of the project's progress, trading volume and liquidity, and new regulatory requirements.
At 11:00 a.m. on August 26, the above six tokens will stop trading and be delisted. After 11:00 a.m. on August 27, the recharge of the above tokens will not be credited to the Binance wallet. The fixed investment plan and the capital preservation and coin earning service will also stop the related services of the above tokens in turn. Users can redeem in advance or submit a plan.
All 6 coins fell, with the worst falling by more than 35%
According to the Japanese media CoinPost, as of the morning of August 13, the above six currencies all fell between 11% and 36%, among which ForTube (FOR) fell by more than 35CVP) and also fell by 30.91%.
"CoinPost" also pointed out that Binance's delisting announcement may also affect investors' trust in these six coins. In addition, the liquidity of these coins is already low. If you are still willing to hold these coins, you must pay attention to the relevant developments of the token team in the future.
OKX has also recently delisted tokens listed on Jumpstart
Another well-known exchange, OKX, recently announced the delisting of spot trading pairs of seven cryptocurrencies: MSN, OMN, REP, EURT, IGU, PCI, and SLN. Among them, MesonNetwork (MSN) was once included in OKX's new coin mining (Jumpstart) and was listed on the exchange at the end of April.
Although Meson Network focuses on the recently popular decentralized physical infrastructure (DePIN) concept, it has not been favored by capital three months after its listing, and the price of the currency has fallen sharply. Kuai Dong, a senior blockchain practitioner, revealed that the founder of the project, Sherlock Shi, had ideals and ambitions at the beginning, but after receiving millions of dollars in financing, he became unwilling to contact the community.
However, Sherlock Shi later issued a statement to clarify that he was frustrated with the decision made by OKX, and the team was working hard to achieve its goals and comply with the requirements of the exchange. He was also working with the exchange to ensure that $MSN could be traded normally in the future.
Are you stuck? When is the best time to buy at the bottom? Again, confused and helpless, don't know what to do, click on the avatar to see the introduction. I need fans, you need references, it's better to follow than to guess blindly.
