The World’s Largest Exchange Binance Delists Three Tokens
Binance, the world’s largest exchange, has announced its intentions to delist three tokens from its trading platform. The exchange regularly conducts reviews of all cryptocurrencies and trading products to ensure they meet the highest standards and protect customer interests. Based on their latest reviews, Binance has found that Sonm (SNM), Serum (SRM), and DFI.Money (YFII) do not comply with the necessary factors and will be delisted on August 22, 2023. This delisting also extends to other platforms affiliated with Binance.
Binance Delisting Leads to Heavy Losses for Tokens
Following Binance’s announcement, Sonm, Serum, and DFI.Money have experienced significant losses in value. SNM has seen the largest decline, dropping by 79.09% in the last 24 hours. SRM and YFII are down by 29.19% and 19.55%, respectively. Delisting by an exchange is often interpreted as a disapproval of the token by investors. Binance’s influence in the crypto space, with over 150 million users, can have a detrimental impact on a token’s value.
Binance Connect Shuts Down
Binance has also made the decision to close down its regulated buy and sell service, Binance Connect. This decision is a result of the deactivation of supporting card payments on the platform by its provider. The closure of Binance Connect aligns with the exchange’s goal to focus on its core businesses.
Hot Take: Binance’s Delisting and Closure Impact Token Values and Services
The delisting of tokens by Binance has led to heavy losses for Sonm, Serum, and DFI.Money. Investors interpret delisting as a negative signal, causing significant declines in token value. Additionally, Binance’s decision to shut down Binance Connect reflects its dedication to focusing on core businesses. These developments demonstrate the influence and impact of Binance in the crypto space.
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