The world’s largest cryptocurrency exchange Binance announced the delisting of the following tokens: PowerPool (CVP), Ellipsis (EPX), ForTube (FOR), Loom Network (LOOM), Reef (REEF) and VGX Token (VGX).
Binance Announcement had a strong impact on the prices of the tokens that were delisted. Many of them fell by tens of percent in a matter of hours.
Which Coins Will Binance Delist?
Following a routine review, Binance delists six assets that do not meet the platform’s standards. The crypto exchange conducts such reviews regularly, looking at a range of factors including the team’s commitment to the project, trading volume and liquidity, and more.
From August 26, 2024 03:00 UTC, Binance will cease spot trading for the following pairs:
- CVP/USDT;
- EPX/USDT;
- FOR/BTC;
- FOR/USDT;
- LOOM/BTC;
- LOOM/TRY;
- LOOM/USDT;
- REEF/TRY;
- REEF/USDT;
- VGX/USDT.
After this, the trading platform will cancel all existing trading orders.
The news led the decline in EPX, FOR and REEF, which fell by more than 20%. The prices of CVP, LOOM and VGX fell by 14%, 13% and 18% respectively.
After August 27, Binance will not accept deposits in these tokens. However, withdrawals can be made until November 26.
The exchange may subsequently convert the delisted stablecoins. This is not certain – any possible conversion will be preceded by a separate notification, the Binance team noted.
Price dynamics of CVP, EPX, FOR, LOOM, REEF and VGX. Source: TradingView
In a separate message Binance has informed users about the upcoming conversion of 15 previously removed altcoins from the platform into the USDC stablecoin. These tokens can be withdrawn until September 1. Then the platform will make a snapshot of the corresponding balances and exchange the assets for the “stable” coin.
Affected altcoins include:
- Bitcoin Gold (BTG);
- Bitcoin Standard Hashrate Token (BTCST);
- Bitshares (BTS);
- District0x (DNT);
- Groestlcoin (GRS);
- Hegic (HEGIC).
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Source: Cryptocurrency
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