Altcoins
Binance to Delist These Four Altcoins, Citing Lax Standards
Binance, the largest cryptocurrency exchange by trading volume, has announced that it will be delisting four altcoins, including BOND, DOCK, MDX, and POLS, from its platform. The latest update comes amid a struggling market that has seen approximately 2.67% of its value disappear in the last 24 hours.
To protect its users and provide the best user experience, Binance has decided to stop offering the mentioned coins after failing to meet its standard level and industry requirements. The value of the affected tokens could be affected after the removal, and investors are advised to monitor their portfolios and make necessary changes to avoid substantial losses.
Binance to Delist Altcoins and Corresponding Trading Pairs
In the announcement Dated June 8, the exchange giant revealed that it would stop supporting BarnBridge (BOND), Dock (DOCK), Mdex (MDX), and Polkastarter (POLS) on July 22, 03:00 (UTC)Binance stressed that when the industry landscape changes or when a token no longer meets its standards, a thorough review is conducted that potentially leads to the removal of that token from the platform.
Some of the criteria checked include the team’s commitment to the project, level of public communication, network security against attacks, level and quality of development activity, trading volume and liquidity, etc. After extensive review, Binance revealed that BOND, Dock, Mdex, and Polkastarter failed to meet the requirements.
Therefore, trading on all spot trading pairs for the aforementioned token will cease on the deadline. Notably, the corresponding trading pairs include BOND/BTC, BOND/USDT, DOCK/BTC, DOCK/USDT, MDX/USDT, and POLS/USDT. Once trading is completed, all open trading orders will be automatically deleted.
Additionally, users will no longer be able to view the value of tokens in their wallets after July 22. Additionally, Binance will stop deposits for these tokens starting July 23, and any tokens deposited after that date will not be credited to the wallet. Withdrawals of affected tokens will continue until October 22.
Binance noted that users “might” get an automatic conversion to stablecoins after October 23 at 03:00 (UTC)However, this is not guaranteed, so users are advised to take proactive measures and adjust their portfolios to avoid losses.
Binance to Remove Coins from Other Services
Meanwhile, Binance also indicated that the affected coins will be delisted on other services. Notably, Binance Simple Earn will delist the above tokens on July 19 at 03:00 (UTC)Flexible product positions that are not traded by the deadline will be automatically traded and moved to users’ Spot wallets.
Additionally, Binance Auto-Invest will delist the tokens on July 15 at 03:00 (UTC). After this date, the next recurring cycle of the affected coins will fail, so users are advised to remove plans before time. VIP Loans will close all lending positions on July 17. Additionally, the Binance Funding Rate Arbitrage Bot will terminate all arbitrage strategies and automatically settle the BOND/USDT symbol.
Other services that will be discontinued include Binance Margin, Portfolio Margin, Binance Convert, Binance Buy & Sell Crypto, Binance Gift Card, Binance Pay, and Trading Bots. Please refer to the detailed announcement to see the complete moving dates.