Binance’s Delisting Decision Sends 6 Altcoins Into Freefall
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Binance, one of the world’s largest crypto exchanges, announced the delisting of six altcoins: PowerPool (CVP), Ellipsis (EPX), ForTube (FOR), Loom Network (LOOM), Reef (REEF), and VGX Token (VGX). Each saw significant price drops immediately following the announcement. Binance's decision will take effect on August 26, 2024, removing all spot trading pairs for these tokens and canceling all existing trade orders. The pairs affected include CVP/USDT, EPX/USDT, FOR/BTC, FOR/USDT, LOOM/BTC, LOOM/TRY, LOOM/USDT, REEF/TRY, REEF/USDT, and VGX/USDT.
Historically, Binance’s listing and delisting announcements have heavily impacted altcoin prices. The recent delisting announcement led to CVP plummeting nearly 14%, EPX dropping by 22%, FOR by nearly 20%, LOOM by almost 13%, REEF by over 20%, and VGX by around 18%. Users must act swiftly before the delistings take effect.
Following August 26, 2024, Binance will no longer credit deposits of these tokens, although withdrawals will be supported until November 26, 2024. Binance may later convert these tokens into stablecoins, though this is not guaranteed, and a separate notification will precede any such conversion.
This delisting decision was made after a periodic review evaluating team commitment, development activity, trading volume, liquidity, network safety, stability, public communication, due diligence, and regulatory compliance. Binance recently informed users about an upcoming automatic conversion of 15 previously delisted altcoins into the USDC stablecoin, based on user holdings as of September 2, 2024, to provide stability after delistings.
Source: beincrypto.com ↗
