Binance to Delist Six Crypto Assets from Its Platform
Binance has announced the delisting of six crypto assets from its platform, effective August 26, 2024. The affected tokens are PowerPool (CVP), Ellipsis (EPX), ForTube (FOR), Loom Network (LOOM), Reef (REEF), and VGX Token (VGX). Trading for these tokens will cease at 3:00 a.m. UTC on the specified date.
Deposits for these tokens will cease after August 27, and withdrawals will not be supported after November 26. Binance will convert these tokens into stablecoins on behalf of users after November 27.
Binance's Auto Invest and Simple Earn will delist the tokens on August 20 and 22, respectively. Likewise, Binance Loans will close all outstanding loan positions for these tokens on August 20.
Binance Funding Rate Arbitrage Bot will close all arbitrage strategies and perform automatic settlement on LOOM/USDT and REEF/USDT on August 19.
Furthermore, Binance Margin will delist the tokens from Cross and Isolated Margin on August 20. Binance Convert and Binance Buy and Sell Crypto will delist the tokens on August 26 and August 21, respectively.
Binance's Gift Card and Binance Pay will delist the tokens on August 26 and August 21. Additionally, Binance will terminate Trading Bots services for these tokens on August 26, while the delisting will not affect the USDⓈ-M LOOMUSDT and REEFUSDT Perpetual Contracts trading.
Key Takeaways
- Binance to delist six crypto assets on Aug. 26, 2024.
- Delisted tokens include PowerPool, Ellipsis, ForTube, Loom Network, Reef, and VGX Token.
- Deposits for these tokens will cease after Aug. 27, and withdrawals will be unsupported after Nov. 26.
- Binance Auto Invest and Simple Earn to delist tokens on Aug. 20 and 22.
- USDⓈ-M LOOMUSDT and REEFUSDT Perpetual Contracts trading unaffected.
Analysis
Binance's delisting action could be attributed to regulatory concerns or low trading volumes. This move may lead to short-term impacts on liquidity and potential price declines for the affected tokens. Moreover, it could prompt other exchanges to review their listings, influencing broader market dynamics. Token holders are likely to encounter immediate challenges in liquidating positions, while Binance's market influence could trigger industry-wide scrutiny on asset viability.
Did You Know?
- Delisting of Crypto Assets:
- Explanation: Delisting refers to the removal of a cryptocurrency from a trading platform, as seen with Binance's decision to remove six crypto assets from its platform. This can occur due to various reasons such as low trading volumes, regulatory concerns, or platform policies, significantly impacting the liquidity and market presence of the affected tokens.
- Binance Auto Invest and Binance Simple Earn:
- Explanation: Binance Auto Invest and Binance Simple Earn, now delisting tokens, allow users to invest in cryptocurrencies through automated strategies or earn returns on their crypto holdings. With the delisting, users will no longer be able to invest in or earn from these specific tokens through these features.
- USDⓈ-M LOOMUSDT and REEFUSDT Perpetual Contracts:
- Explanation: Despite the delisting from other services, traders can still engage in leveraged trading on USDⓈ-M LOOMUSDT and REEFUSDT perpetual contracts, indicating that these assets remain available for trading.