Monday, August 12, began with important news for investors using Binance. The platform published an announcement on its website, informing its customers about the delisting of several tokens.
The good news for investors interested in acquiring popular assets such as Bitcoin, Ethereum, Ripple, and Dogecoin is that these will remain available on the platform, at least for now. However, customers looking to trade with the tokens PowerPool, Ellipsis, ForTube, LoomNetwork, Reef, and VGX will not be so lucky.
In this article, we cover the details of the delisting, discuss the precedents that led to this decision, and present an alternative platform to help cryptocurrency investors prepare for the changes announced early this week.
Why did the delisting happen?
To justify the delisting, Binance stated that the decision was the result of a periodic review. This process involves all digital assets on the platform and was conducted to ensure the quality of the products and services it offers to the public.
During a periodic review, several factors are considered, including: “Team commitment to the project, trading volume and liquidity, level of public communication, and new regulatory requirements,” among others.
The Binance delisting, as well as the periodic review that led to the decision, are standard practices in the industry. In fact, earlier this year, OKX decided to delist Tether to comply with MICA requirements in Europe. Similarly, Kucoin delisted the trading pair MSN/USDT, and Zondacrypto delisted Algorand, DAI, and more than 9 tokens to follow security regulations.
How should customers prepare?
Customers planning to invest in or who own any of the cryptocurrencies mentioned above should pay attention to several deadlines. The official delisting is scheduled for August 26, 2024, which means that after this date, the tokens will no longer be available in customers’ wallets.
Other important deadlines relate to deposits and withdrawals. Deposits of these six cryptocurrencies will not be credited starting August 27, 2024. Furthermore, customers will not be able to complete withdrawals of these cryptocurrencies after November 26, 2024.
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