Binance Delists CVP, EPX, FOR, LOOM, REEF, and VGX Tokens
Binance, a prominent cryptocurrency exchange, has announced the delisting of several digital assets from its platform effective August 26, 2024. The tokens affected by this decision include CVP, EPX, FOR, LOOM, REEF, and VGX, as per an official statement from Binance.
Reasons Behind Delisting
The delisting of these tokens follows a thorough review process conducted by Binance. The exchange regularly assesses the digital assets listed on its platform to ensure they adhere to high standards and industry criteria. Various factors contribute to the delisting, such as the project team’s dedication, development activities, trading volume, liquidity, network stability, public communication, responsiveness to due diligence requests, and regulatory compliance.
Process of Delisting
Trading for the affected tokens will halt on August 26, 2024, at 03:00 (UTC). The specific trading pairs that will be removed are CVP/USDT, EPX/USDT, FOR/BTC, FOR/USDT, LOOM/BTC, LOOM/TRY, LOOM/USDT, REEF/TRY, REEF/USDT, and VGX/USDT. All trade orders will be automatically deleted once trading stops, and the tokens’ valuations will no longer be visible in users’ wallets. After August 27, 2024, deposits for these tokens will not be accepted, and withdrawals will not be supported after November 26, 2024.
Impact on Binance Services
- Binance Simple Earn: The affected tokens will be delisted from Simple Earn on August 22, 2024. Users can redeem their positions in advance, or they will be automatically redeemed and transferred to users’ Spot Wallets.
- Binance Auto-Invest: The tokens will no longer be part of Auto-Invest plans from August 20, 2024. Users should remove their plans to prevent any disruptions.
- Binance Margin: Isolated and cross margin borrowings for the affected tokens will be suspended starting August 14, 2024. All positions will be closed, and pending orders will be canceled on August 20, 2024.
- Binance Convert: A Sell-only function will be available for the affected tokens from August 21, 2024, to August 26, 2024, after which they will be delisted.
- Binance Pay and Gift Card: These services will remove the affected tokens on August 21, 2024, and August 26, 2024, respectively.
- Trading Bots: The services for the affected trading pairs will be terminated on August 26, 2024.
Users are advised to update or cancel their trading bots and plans to mitigate potential losses.
Future Possibilities
There is a chance that delisted tokens may be converted into stablecoins on behalf of users after November 27, 2024. However, this conversion is not assured and will be subject to a separate notification.
Binance urges users to comply with these changes and manage their assets accordingly to avoid any inconveniences. For more detailed information, kindly refer to the official announcement on Binance.
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