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Binance, the world’s largest cryptocurrency exchange by trading volume, has announced plans to remove spot trading pairs of three altcoins.
This action, scheduled to take effect on December 25 at 03:00 UTC, represents Binance’s efforts to improve market quality.
What Binance Users Need to Know
Binance occasionally evaluates the performance of listed trading pairs, analyzing various criteria to decide on listing and delisting. They consider factors such as the commitment of the project team, the level and quality of development activity, and the stability of the network and smart contracts.
Based on the above criteria, along with a number of others, the exchange eliminates Tokens and trading pairs that do not meet certain liquidity and volume thresholds. Binance claims that these measures are intended to protect users and maintain a high-quality trading environment.
“When a coin or token no longer meets these standards or the industry landscape changes, we conduct a deeper review and may delist it. Our top priority is to ensure the best service and protection for our users, while continuing to adapt to evolving market dynamics,” Binance speak.
In light of this situation, the leading exchange has committed to stop listing trading pairs for Kaon’s tokens, AKRO (formerly Akropolis), Bluezelle (BLZ), and WazirX (WRX). Specifically, the exchange will remove and automatically cancel orders of the following trading pairs:
Additionally, Binance said the valuation of these Tokens will no longer be visible in user wallets after delisting. Deposits of these Tokens will not be credited to user accounts after 24 hours from the official delisting. Users only have until February 25, 2025, 03:00 UTC, to withdraw the affected Tokens from Binance.
Immediately after this announcement, the prices of AKRO, BLZ, and WRX tokens plummeted from 11% to 48%. This result reflects the impact of delisting Tokens from major exchanges.
This is not surprising, given the history of token delisting announcements on Binance that have often led to volatility. For example, Binance’s removal of six altcoins in August led to a sharp decline for these Cryptocurrencies. In particular, PowerPool (CVP) and Ellipsis (EPX) fell 14% and 22% immediately after their delisting announcements.
Similarly, in late November, Binance’s announcement to delist altcoins caused the prices of GFT, IRIS, KEY, OAX, and REN to plummet. These results are in stark contrast to listing announcements, which often result in the prices of the tokens involved skyrocketing.
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