Binance, one of the world’s leading cryptocurrency exchanges, has announced the delisting of six crypto tokens, which is set to take effect on August 26, 2024. This decision will see the removal of trading pairs for CVP, EPX, FOR, LOOM, REEF, and VGX, marking a significant shift in the exchange’s asset offerings.
Details of the Delisting
The delisting process will commence on August 26 at 11:00 UTC+8, when Binance will cease trading for all spot trading pairs of the affected tokens. The specific pairs to be removed include:
- CVP/USDT
- EPX/USDT
- FOR/BTC
- FOR/USDT
- LOOM/BTC
- LOOM/TRY
- LOOM/USDT
- REEF/TRY
- REEF/USDT
- VGX/USDT
Binance has stated that this decision is part of its regular review process, aimed at ensuring that all listed digital assets meet the exchange’s rigorous standards and comply with evolving industry regulations.
Impact on Users and Services
Following the delisting, all existing trade orders for the affected pairs will be automatically removed from the order books. Binance has advised users that deposits of these tokens will no longer be credited to their accounts after August 27, 2024, at 03:00 UTC. Additionally, withdrawal support for these tokens will be discontinued on November 26, 2024, at 03:00 UTC.
To mitigate potential losses for token holders, Binance has indicated the possibility of converting delisted tokens into stablecoins on behalf of users after November 27, 2024.
The delisting will also affect several Binance services:
- Binance Simple Earn: Affected tokens will be delisted after August 22, 2024, with automatic redemption of Flexible and Locked Products.
- Auto Invest: This feature for the delisted tokens will be discontinued after August 20, 2024.
- Binance Loans and VIP Loans: All outstanding loan positions involving LOOM, REEF, and EPX must be closed by August 20, 2024.
- Funding Rate Arbitrage Bot: Operations for LOOM/USDT and REEF/USDT pairs will cease on August 19, 2024.
However, it is important to note that the USDⓈ-M LOOMUSDT and REEFUSDT Perpetual Contracts trading will continue without interruption, highlighting the complexity of the crypto trading ecosystem and Binance’s careful approach to managing its offerings.
Market Reactions and Token Price Movements
The announcement of the delisting has had an immediate and profound impact on the prices of the affected tokens:
- Reef (REEF): The token’s price has dropped to $0.0008747, reflecting a 25.15% decline in the last 24 hours and a 6.82% drop over the past week. REEF’s market capitalization has fallen to $20,084,562.
- Loom Network (LOOM): LOOM’s price has decreased to $0.0465, a 14.47% drop in the last 24 hours. Despite this, LOOM has seen a 4.58% increase over the past week, indicating some resilience or speculative activity ahead of the delisting. Its market cap now stands at $57,165,372.
- ForTube (FOR): FOR has experienced a sharp decline, with its price plummeting to $0.00903, a 39.11% decrease in the last 24 hours and a 30.04% drop over the past week. The token’s market cap has reduced to $5,088,926.
These substantial price fluctuations underscore the volatility of cryptocurrency markets and the significant influence that listing decisions by major exchanges like Binance can have on token valuations.
What’s Next?
As Binance moves forward with the delisting, the affected tokens are likely to experience continued volatility. Investors and users should stay informed of further updates from Binance and consider their positions carefully in light of these developments.
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Source : Coingape
