Binance Delisting Announcement
Binance, the world’s largest cryptocurrency exchange, has announced that it will delist BitShares (BTS), PERL.eco (PERL), Tornado Cash (TORN), and Waltonchain (WTC) from its platform. The delisting will take effect on December 7, and specific trading pairs will be removed.
Reasons for Delisting
The decision to delist these cryptocurrencies is based on several factors, including low development activity, low trading volume and liquidity, and evidence of unethical or fraudulent conduct. Binance aims to maintain a high standard of quality and integrity in the assets listed on its platform.
Price Impact
Following the delisting announcement, the prices of Waltonchain, Tornado Cash, and PERL.eco have experienced significant declines, with some dropping by up to 45%. This demonstrates the market’s reaction to Binance’s decision.
The Previous Removal
Last week, Binance delisted ten spot trading pairs due to poor liquidity and trading volume. These trading pairs were all related to BUSD, Binance’s stablecoin. The exchange has previously announced plans to discontinue support for BUSD in early 2024.
Contextual Developments
Binance’s recent delisting efforts coincide with other significant organizational changes. The exchange reached a $4.3 billion settlement with the US Department of Justice regarding money-laundering charges. Additionally, there was a change in leadership as former CEO Changpeng Zhao resigned and was replaced by Richard Teng.
Hot Take: Binance’s Continuous Evolution
Binance’s decision to delist certain cryptocurrencies reflects its commitment to maintaining a high standard of quality and integrity in the assets available on its platform. By removing cryptocurrencies with low activity and unethical conduct, Binance aims to protect its users and provide a secure trading environment. The recent delisting efforts, along with organizational changes and the settlement with the US DOJ, demonstrate Binance’s continuous evolution as a leading cryptocurrency exchange.
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