Binance to Delist Four Tokens
Binance, the crypto exchange, has announced that it will delist BitShares (BTS), PERL.eco (PERL), Tornado Cash (TORN), and Waltonchain (WTC) on December 7th. The token pairs that will be taken off the platform include BTS/USDT, PERL/USDT, TORN/BUSD, WTC/BTC, and WTC/USDT.
Binance’s Reason for Delisting
In a post explaining the move, Binance stated that they periodically review listed digital assets to ensure they meet their high standards. If a coin or token no longer meets these standards or if the industry changes, a more in-depth review is conducted and delisting may occur. This is done to protect all users of the platform.
Impacted Token Holders Advised to Make Withdrawal Plans
Binance advises holders of the delisted tokens to make appropriate plans as withdrawals will be blocked after March 7th, 2024. The exchange emphasizes that delisting tokens is part of its ongoing efforts to safeguard its user base and maintain network security.
Reasons for Delisting Tokens
Binance often delists tokens due to factors such as poor trading volume, liquidity, reduced development activity, unethical conduct, fraudulent behavior, or ignorance.
Price Impact of Delisting
Tokens that have been recently delisted from Binance experience a drop in price. For example, WTC fell by 35%, TORN dropped by 40%, and PERL plunged 45% following the announcement.
Recent Changes at Binance
In recent days, Binance reached a settlement with the US Department of Justice, resulting in fines and penalties. Former CEO Changpeng Zhao resigned, and Richard Teng was appointed as the new CEO. Teng plans to adopt a user-focused approach and improve relations with regulators.
Hot Take: Binance Delists Tokens to Protect Users
Binance’s decision to delist tokens is driven by its commitment to maintaining high standards and protecting its user base. While this may have an impact on token prices, it is part of the exchange’s efforts to ensure network security and promote a trustworthy trading environment. Token holders are advised to plan their withdrawals accordingly before March 7th, 2024.
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