Binance, one of the world’s largest cryptocurrency exchanges, has announced the delisting of six digital assets, effective August 26, 2024, as part of its regular review process.
Points
- Binance will delist six cryptocurrencies: PowerPool （CVP）, Ellipsis （EPX）, ForTube （FOR）, Loom Network （LOOM）, Reef （REEF）, and VGX Token （VGX）.
- The delisting will affect various trading pairs, with deposits ceasing after August 27 and withdrawals unsupported after November 26, 2024.
- Binance Margin, Auto Invest, and Simple Earn will also cease support for these tokens on different dates.
- Despite the delistings, trading for some related perpetual contracts will remain unaffected.
Binance, a leading global cryptocurrency exchange, has announced its decision to delist six digital assets from its platform, including PowerPool （CVP）, Ellipsis （EPX）, ForTube （FOR）, Loom Network （LOOM）, Reef （REEF）, and VGX Token （VGX）. This move comes as part of Binance’s routine review process, which assesses the performance and compliance of listed tokens to ensure the exchange maintains a high standard for its offerings.
The delisting process will be staggered across different dates, with the removal of all spot trading pairs for these tokens set to begin on August 26, 2024, at 3:00 a.m. （UTC）. Affected trading pairs include CVP/USDT, EPX/USDT, FOR/BTC, FOR/USDT, LOOM/BTC, LOOM/TRY, LOOM/USDT, REEF/TRY, REEF/USDT, and VGX/USDT.
Following the delisting, Binance will cease accepting deposits for these tokens after August 27 at 3:00 a.m. （UTC）, and users will not be able to withdraw them after November 26, 202
4, at 3:00 a.m. （UTC）. In cases where users do not withdraw their assets by the deadline, Binance may convert the remaining balances into stablecoins on their behalf starting November 27, 2024.
The delisting will also impact various Binance services, including Binance Auto Invest and Binance Simple Earn, which will remove support for these tokens on August 20 and 22, respectively. Additionally, Binance Margin will delist these tokens from both Cross and Isolated Margin on August 20, and the affected margin pairs will no longer be available for trading.
Despite these changes, trading for the USDⓈ-M LOOM/USDT and REEF/USDT Perpetual Contracts will remain unaffected, allowing users to continue trading these derivatives without interruption.
Binance’s decision to delist these tokens is a reminder of the dynamic nature of the cryptocurrency market, where digital assets are continuously assessed based on factors such as trading volume, liquidity, network stability, and compliance with Binance’s listing standards. While delisting may cause short-term disruptions for users holding the affected tokens, it is part of the exchange’s broader effort to maintain a secure and reliable trading environment.
For users holding any of the delisted tokens, it is crucial to take action before the deadlines to avoid potential issues with withdrawals and conversions. Staying informed about such changes is essential for managing digital assets effectively and ensuring a smooth experience on the platform.
解説
- Market Impact: The delisting of these six tokens by Binance could lead to a reduction in their liquidity and trading volumes, as they lose access to one of the largest global cryptocurrency exchanges.
- User Action Required: Users holding these tokens should be proactive in managing their assets, either by withdrawing them before the deadlines or converting them to other cryptocurrencies to avoid any disruptions.
- Exchange Compliance: Binance’s routine delisting process underscores the importance of compliance and performance in maintaining a listing on major exchanges, which can significantly influence a token’s market presence and viability.