Binance Delisting Four Tokens
The cryptocurrency exchange Binance has announced that it will delist four tokens from its platform. The tokens being delisted are Aragon (ANT), Multichain (MULTI), Vai (VAI), and Monero (XMR). The delisting is set to take place on February 20, according to the announcement made by Binance on February 6.
“When a coin or token no longer meets this standard or the industry changes, we conduct a more in-depth review and potentially delist it. We believe this best protects all our users.”
Binance announcement
Trading Pairs Affected
Starting from February 20, Binance will cease trading for the following pairs: ANT/BTC, ANT/USDT, MULTI/USDT, USDT/VAI, XMR/BNB, XMR/BTC, XMR/ETH, XMR/USDT. All existing trading orders for these pairs will be automatically deleted after trading stops.
Market Reaction to Delisting
As of now, the news of the delisting has had little impact on VAI and ANT. However, MULTI and XMR experienced significant declines shortly after the announcement.
MULTI’s value has dropped over 27% in the past 24 hours to $1.54. Its market capitalization also fell by the same percentage to $22 million. However, trading volumes for the token increased by nearly 190%, suggesting traders may be transferring or liquidating their positions.
XMR also saw a steep decline of 17% and is currently trading at $137.77. Trading volumes for XMR rose by approximately 77% to $102 million.
Previous Delistings
Last December, OKX delisted Monero and ZCash, citing their failure to meet the exchange’s strict criteria. The platform stopped accepting deposits in FSN, ZKS, CAPO, CVP, XMR, DASH, ZEC, and ZEN tokens from December 27, 2023. Users will be able to withdraw these cryptocurrencies until March 5, 2024.
Hot Take: Binance Takes Action Against Tokens
The recent announcement by Binance to delist four tokens shows the exchange’s commitment to maintaining a high standard and protecting its users. While VAI and ANT have shown minimal reaction to the news, MULTI and XMR experienced significant declines. This decision highlights the potential impact of delistings on token values and trading volumes. It also serves as a reminder that exchanges regularly assess tokens’ compliance with industry standards. Traders should stay informed about such delisting announcements to make informed decisions regarding their positions.
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