Home Altcoins News Binance Announces Delisting of Four Cryptocurrency Tokens

Binance Announces Delisting of Four Cryptocurrency Tokens

In a recent development shaking up the cryptocurrency sphere, Binance, one of the world’s leading digital asset exchanges, has made a significant announcement regarding the delisting of four tokens. This decision underscores the exchange’s commitment to maintaining quality and safety standards within the burgeoning crypto landscape.

Come February 20, 2024, at 03:00 (UTC), Binance will officially delist Aragon (ANT), Multichain (MULTI), Vai (VAI), and Monero (XMR) from its platform. This move, part of Binance’s routine review process, aims to ensure that listed digital assets meet stringent criteria for continued presence on the exchange.

The decision to delist tokens isn’t arbitrary; rather, it hinges on several factors carefully considered during Binance’s review process. Elements such as the project team’s dedication, development activity, trading volume, network stability, public communication, and responsiveness to due diligence requests all factor into the assessment. Tokens failing to meet these stringent criteria may face the prospect of delisting.

Binance’s decision to delist these tokens is grounded in a comprehensive review process that takes into account various factors. These factors include the project team’s commitment, development activity, trading volume, network stability, public communication, and responsiveness to due diligence requests. Tokens falling short of these criteria may face removal from the exchange.

Traders utilizing trading pairs associated with the delisted tokens will be affected by the decision. These include ANT/BTC, ANT/USDT, MULTI/USDT, USDT/VAI, XMR/BNB, XMR/BTC, XMR/ETH, and XMR/USDT. All active trade orders in these pairs will be automatically canceled once trading ceases.

In light of the delisting, users are urged to refrain from selecting “Hide Small Balances” in their wallets to ensure continued visibility of their holdings post-delisting.

Furthermore, users should take note of important dates regarding deposits and withdrawals on Binance. After February 21, 2024, at 03:00 (UTC), deposits of the delisted tokens will cease to be credited to users’ accounts. Additionally, withdrawals of these tokens from Binance will not be supported after May 20, 2024. Users are advised to plan their transactions accordingly to avoid any inconveniences.

Following the delisting, there is a possibility that delisted tokens may be converted into stablecoins on behalf of users after May 21, 2024. However, this conversion is not guaranteed, and users will receive separate notifications if their tokens are subject to conversion. The stablecoins will be credited to users’ Binance accounts post-conversion.

The delisting of these tokens will also impact various Binance services including Simple Earn, Auto-Invest, Loans, Margin, Portfolio Margin, Futures, Convert, Gift Card, Pay, and Trading Bots services. Each service may have distinct termination dates or actions related to the delisted tokens, necessitating users to check for specific details.

For users engaged in the Coin-M XMRUSD Perpetual Contract on Binance Futures, it’s crucial to note that all positions will be closed, and an automatic settlement will occur on February 15, 2024, at 09:00 (UTC). To avoid automatic settlement, users are encouraged to close open positions before this date. Additionally, no new positions for this contract will be allowed starting from February 15, 2024, at 08:30 (UTC).

In conclusion, the delisting of these tokens underscores Binance’s dedication to upholding a high standard of quality and safety within the cryptocurrency industry. It is part of their ongoing efforts to contribute to a healthy and sustainable crypto ecosystem. Users holding these tokens or engaging in related services are advised to take prompt action to adapt to the impending changes ahead of the delisting date on February 20, 2024, at 03:00 (UTC).

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Julie J

Julie is a renowned crypto journalist with a passion for uncovering the latest trends in blockchain and cryptocurrency. With over a decade of experience, she has become a trusted voice in the industry, providing insightful analysis and in-depth reporting on groundbreaking developments. Julie's work has been featured in leading publications, solidifying her reputation as a leading expert in the field.

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