As a seasoned analyst with years of experience navigating the volatile world of cryptocurrency exchanges, I find Binance‘s decision to delist three altcoins a strategic move aimed at maintaining market quality and user protection. This is not an uncommon practice among leading exchanges, as they regularly review the performance of their listed trading pairs based on various factors.
In simple terms, it means that Binance, the global leader in cryptocurrency trading, has announced that they will no longer support trading for three specific digital currencies (altcoins) on their platform.
On December 25, at 03:00 UTC, this move is an effort by Binance to improve the overall market standard.
What Binance Users Need To Do
On occasion, Binance examines the effectiveness of its available trading pair options, considering numerous aspects before deciding on listing or removal. Factors under evaluation include the dedication of the project team, the quantity and caliber of development work, as well as the robustness and reliability of the network and smart contracts.
According to what’s been stated, the platform eliminates coins and trading options that fail to reach certain minimum liquidity and transaction levels. They argue that this policy safeguards users and maintains a top-tier trading atmosphere.
If a coin or token falls below our quality standards or the financial market undergoes significant changes, we perform a thorough assessment and may decide to remove it from our platform. Our goal is to provide top-tier services and safeguards for our customers, while also staying responsive to shifting market trends.
In light of recent developments, the primary cryptocurrency platform has decided to stop supporting trading for Kaon’s power token AKRO (previously known as Akropolis), Bluezelle (BLZ), and WazirX (WRX). This means that the exchange will be eliminating all existing orders for these tokens from their trading pairs.
- AKRO/USDT
- BLZ/BTC,
- BLZ/USDT, and
- WRX/USDT
After announcing that they will no longer show token values in users’ wallets following delisting, Binance also stated that deposits of these tokens won’t be accepted into user accounts 24 hours after the official delisting. Users are reminded that they must withdraw the impacted tokens from Binance by February 25, 2025, at 03:00 UTC to avoid losing them.
Immediately following the announcement, the prices of AKRO, BLZ, and WRX tokens experienced a significant drop, ranging from 11% to 48%. This decline suggests that the removal of these tokens from major trading platforms has had a substantial effect on their values.
It’s not surprising that such volatility occurs following token delisting announcements on Binance, given the past. For example, when Binance took off six altcoins in August, it resulted in significant price drops for those cryptocurrencies. Of particular note is that PowerPool (CVP) and Ellipsis (EPX) experienced immediate declines of 14% and 22%, respectively, after their delisting was announced.
In late November, Binance’s decision to remove certain altcoins (GFT, IRIS, KEY, OAX, and REN) triggered a sharp drop in their prices. Conversely, when a coin is listed on Binance, it usually results in a significant increase in its value.
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2024-12-18 13:23