Binance Delists 6 Cryptocurrencies, Triggering Market Decline:

On August 26, 2024, Binance, one of the leading cryptocurrency exchanges, unexpectedly delisted six altcoins from its platform. The impacted cryptocurrencies include:

- PowerPool (CVP)

- Ellipsis (EPX)

- ForTube (FOR)

- Loom Network (LOOM)

- REEF (REEF)

- VGX Token (VGX)

This decision led to sharp price declines:

- CVP, FOR, EPX, and VGX saw a significant drop of around 40% in just one day.

- LOOM and REEF experienced smaller decreases of 14% and 23%, respectively.

Binance routinely evaluates listed cryptocurrencies to ensure they meet stringent standards, taking into account factors such as team dedication, trading volume, and network security. If a cryptocurrency no longer aligns with these standards, Binance removes it to safeguard users and maintain a stable trading environment.

The delisting affects various trading pairs, and all active orders will be canceled once trading stops for each pair.

This isn't the first time Binance has delisted cryptocurrencies, a move that has historically caused market volatility.

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$RAY $FOR