Home Altcoins News Binance Drops the Axe: BitShares, PERL.eco, Tornado Cash, and Waltonchain Face Delisting on December 7

Binance Drops the Axe: BitShares, PERL.eco, Tornado Cash, and Waltonchain Face Delisting on December 7

Binance Delisting Coins

In a seismic announcement, Binance, the global crypto juggernaut, has set the stage for the delisting of BitShares (BTS), PERL.eco (PERL), Tornado Cash (TORN), and Waltonchain (WTC) from its expansive platform. This move, slated to take effect on December 7, comes with the removal of specific trading pairs: BTS/USDT, PERL/USDT, TORN/BUSD, WTC/BTC, and WTC/USDT. The reasons behind this sweeping decision range from diminished development activity to low liquidity and trading volume, coupled with concerns about unethical conduct or negligence.

Market Turbulence: Impact on Prices

The repercussions of Binance’s delisting bombshell were swift and impactful, particularly on the market values of the affected cryptocurrencies. In the aftermath of the announcement, WTC witnessed a sharp decline of 35%, TORN experienced a significant drop of 40%, while PERL suffered a staggering collapse of 45%, according to CoinGecko’s data. This price turbulence underscores the sensitivity of the crypto market to such pivotal decisions by major exchanges.

Contextual Developments: Binance’s Delisting Amid Organizational Shifts

Binance’s latest delisting spree follows a series of noteworthy developments within the exchange. Last week, Binance removed ten spot trading pairs, including APT/BUSD, AXS/BUSD, FIL/BUSD, and USTC/BUSD. The exchange attributed these removals to periodic reviews based on liquidity and trading volume considerations. Interestingly, all the delisted pairs were BUSD trading pairs, aligning with Binance’s earlier announcement about discontinuing support for the stablecoin BUSD in early 2024. Users were advised to convert their BUSD holdings to alternative assets before February 2024.

However, these delistings are just the tip of the iceberg in Binance’s recent narrative. The exchange found itself at the center of a major regulatory storm, agreeing to a monumental $4.3 billion settlement with the US Department of Justice (DOJ) to resolve money-laundering charges. This staggering fine reflects the regulatory pressure faced by major players in the cryptocurrency space.

Moreover, Binance underwent significant organizational changes, with its charismatic CEO, Changpeng Zhao, stepping down from his role. Richard Teng has assumed the reins as the new CEO, marking a notable shift in leadership at the helm of the world’s largest crypto exchange.

Implications and Looking Forward: Decoding Binance’s Moves

The delisting decisions, regulatory settlements, and leadership changes collectively paint a nuanced picture of Binance’s evolving strategy. The exchange appears to be recalibrating its offerings, prioritizing regulatory compliance, and navigating through a landscape of increased scrutiny. Delisting assets based on activity and conduct criteria reinforces Binance’s commitment to maintaining a high standard for listed tokens.

As the cryptocurrency industry continues to mature, exchanges like Binance are compelled to adapt to changing regulatory tides and market dynamics. The focus on compliance, transparency, and ethical conduct becomes paramount in sustaining the credibility of these platforms.

The aftermath of Binance’s delisting decisions will likely prompt affected projects to reassess their strategies, potentially seeking alternative avenues for liquidity and exposure. Meanwhile, traders and investors will keep a watchful eye on market dynamics, adapting their portfolios to navigate through these turbulent waters.

In conclusion, Binance’s delisting decisions mark a pivotal moment in the ever-evolving landscape of cryptocurrency exchanges. The ripple effects extend beyond price movements, reflecting broader shifts in regulatory expectations and the industry’s maturation. As Binance navigates these challenges, the crypto community watches keenly, anticipating how these decisions will shape the future trajectory of one of the most influential players in the crypto space.

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Mike T, an accomplished crypto journalist, has been captivating audiences with her in-depth analysis and insightful reporting on the ever-evolving blockchain and cryptocurrency landscape. With a keen eye for market trends and a talent for breaking down complex concepts, Mike's work has become essential reading for both crypto enthusiasts and newcomers alike. Appreciate the work? Send a tip to: 0x4C6D67705aF449f0C0102D4C7C693ad4A64926e9

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