Binance to Halt Trading and Delist Three Tokens
Binance, one of the largest cryptocurrency exchanges, has announced that it will be halting trading and delisting three tokens – SRM, SNM, and YFII. This decision comes after the tokens fell short of Binance’s quality benchmarks during their latest evaluation. The discontinuation of services for these tokens will include Binance Simple Earn, Binance Loans, Binance Pay, Binance Gift Card, and Binance Trading Bots. Deposits will be halted on August 22, but users will have until November 22 to withdraw their tokens. Binance may convert the delisted tokens into stablecoins after the withdrawal deadline.
Key Points:
– Binance will halt trading and delist SRM, SNM, and YFII tokens.
– The discontinuation of services for these tokens includes Binance Simple Earn, Binance Loans, Binance Pay, Binance Gift Card, and Binance Trading Bots.
– Deposits will be halted on August 22, but users will have until November 22 to withdraw their tokens.
– Binance may convert the delisted tokens into stablecoins after the withdrawal deadline.
– The delisting was due to the tokens’ failure to meet Binance’s quality benchmarks.
The delisting of SRM, SNM, and YFII tokens has had a significant impact on their prices. Following the announcement, the tokens experienced sharp declines and have since been trading in the red. SRM saw a 22% decline, SNM tanked by 82%, and YFII dropped by 21%. The trading volumes for these tokens also increased, indicating that investors are disposing of these assets.
In conclusion, Binance’s decision to halt trading and delist the SRM, SNM, and YFII tokens has had a ripple effect on their prices. The delisting was a result of the tokens’ failure to meet Binance’s quality benchmarks. Investors have responded by selling off these assets, leading to sharp price declines. It remains to be seen how the market will continue to react to this news.
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