Altcoins
These Altcoins Are Crashing After Being Delisted From Binance
TL;DR
- Binance will delist four cryptocurrencies on July 22, causing their prices to drop significantly.
- Deposits and withdrawals of these assets will cease on July 23 and October 22, respectively.
No more support for these cryptocurrencies
Binance, the world’s largest cryptocurrency exchange, regularly updates its services to improve user experience. It often adds new trading pairs to meet current market trends or removes existing digital assets from its platform due to various factors (such as low trading volume and liquidity, public disclosure level, network stability against attacks, etc.).
He recently announcement the delisting of BarnBridge (BOND), Dock (DOCK), Mdex (MDX) and Polkastarter (POLS). Support for all spot trading pairs involving the above will end as of July 22.
“The exact trading pairs being removed are BOND/BTC, BOND/USDT, DOCK/BTC, DOCK/USDT, MDX/USDT, POLS/USDT. All trading orders will be automatically deleted after the end of trading in each respective trading pair. The token valuation will no longer be displayed in your wallet after delisting. To view your assets after the end of trading, please ensure that you do not have “Hide small balances” selected in all your wallets,” the company revealed.
Binance added that deposits of these assets will not be credited after July 23, while withdrawals will be halted after October 22.
The affected trading pairs will also be removed from Binance Loans, Binance Auto-Invest, Binance Margin, Binance Convert, Binance Buy & Sell Crypto, Binance Pay, and Binance Trading Bots.
All cryptocurrencies involved in the upcoming deal saw their prices drop by double digits shortly after the disclosure. DOCK was the hardest hit, with its valuation plummeting by 50% over a 24-hour period.
The removal of a certain digital asset from a major platform like Binance can lead to a substantial price drop due to reduced liquidity, reputational damage, decreased investor confidence, and other setbacks.
The same thing happened earlier this year when the exchange delisted Monero (XMR). The move was follow up by a 35% price drop for the popular privacy currency.
Previous Binance Update
Less than a week ago, the exchange ceased trading services with the following six pairs: BTC/AEUR, ETH/AEUR, AI/TUSD, CHR/BNB, GAS/FDUSD and LQTY/FDUSD. The prices of the affected coins fell significantly, coinciding with the general market decline at that time.
On the other hand, the company has included WIF/BRL, ZK/USDC, and ZRO/USDC in Binance Spot. It is worth noting that the service is not available to all users:
“Currently, users residing in the following countries or regions will not be able to trade the above-mentioned spot currency pairs: Canada, Cuba, Crimea region, Iran, Netherlands, North Korea, Syria, United States of America and its territories (American Samoa, Guam, Puerto Rico, Northern Mariana Islands, U.S. Virgin Islands), and any areas not controlled by the government of Ukraine.”