Binance, one of the largest exchanges in the cryptocurrency market, has decided to delist some altcoins from the platform as a result of its regular crypto asset reviews. This decision is made to remove projects that do not meet certain standards or adapt to market dynamics from the platform. Binance aims to provide the best service to its users and keep their security at the highest level while conducting these reviews…
Delisting decision for 6 altcoins from the giant exchange
Binance has decided to delist certain altcoins from the platform as a result of its latest reviews. As of 06:00 GMT on August 26, 2024, all spot trading pairs for the following tokens will be terminated:
- PowerPool (CVP)
- Ellipsis (EPX)
- ForTube (FOR)
- Loom Network (LOOM)
- Reef (REEF)
- VGX Token (VGX)
The trading pairs to be delisted are as follows: CVP/USDT, EPX/USDT, FOR/BTC, FOR/USDT, LOOM/BTC, LOOM/TRY, LOOM/USDT, REEF/TRY, REEF/USDT, and VGX/USDT. All open trading orders for these trading pairs will be automatically removed after trading is halted.
Why did Binance decide to delisted?
Binance’s process for delisting crypto assets is based on a number of different factors. These factors play an important role in determining whether a project can remain on the Binance platform. Here are some of the criteria that Binance takes into consideration:
- Commitment of the Project Team: The level of commitment of the team behind a project is a critical factor for the success of the project. The commitment of the teams to their projects and their determination to move the project forward is one of the important criteria that Binance evaluates.
- Level and Quality of Development Activities: The level and quality of development activities in projects are of great importance for the sustainability of the project. Projects that constantly develop new features and quickly fix existing bugs increase their chances of remaining on Binance’s platform.
- Transaction Volume and Liquidity: The transaction volume and liquidity of a digital asset are of great importance to Binance. Projects that do not have sufficient liquidity and have low transaction volumes may be delisted as they pose a risk to users.
- Network Security and Stability: The more resilient and stable a project’s network is to attacks, the more valuable it is to Binance. The security and stability of the network is a critical factor in protecting users’ assets.
- Level of Public Communication: Another important factor that Binance pays attention to is how transparent and effective projects communicate with their communities. Regular updates from projects to their communities and sharing developments openly provide a great advantage in terms of credibility.
- Regulatory Compliance: At a time when cryptocurrency markets are increasingly regulated, Binance expects projects to comply with new regulatory requirements. Projects that fail to comply are at risk of being removed from the platform.
Altcoin prices drop
According to CoinGecko data, immediately after Binance’s delisting decision, the prices of these altcoins dropped significantly. PowerPool (CVP) lost 10% to $0.279. Ellipsis (EPX) lost 32%, ForTube (FOR) lost 28%, Loom Network (LOOM) lost 9%, Reef (REEF) lost 30%, and VGX Token (VGX) lost 23%. These sudden drops show that investors are reacting quickly to Binance’s delisting decision.
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