Binance Delists Monero, Multichain, Vai & Aragon: What’s the Reason?
Binance, the world’s leading crypto exchange, has recently made the decision to delist four digital currencies from its platform. The tokens being delisted are Monero (XMR), Multichain (MULTI), Vai (VAI), and Aragon (ANT). This action is part of Binance’s regular review process.
The delisting process will officially take place on February 20, 2024, at 03:00 a.m. UTC. Once this happens, all trading pairs associated with these tokens will be unavailable for trading. Deposits of these tokens will no longer be credited to user accounts after February 21, 2024, and withdrawals will not be supported after May 20, 2024.
Why Did Binance Decide To Delist Monero, Multichain, Vai & Aragon?
Binance’s decision to delist these tokens was based on a comprehensive assessment of various factors. These include the commitment of the project teams, development activity, trading volume, network stability, public communication, responsiveness to due diligence requests, and contribution to a healthy crypto ecosystem. Evidence of unethical conduct or negligence also played a role in the decision-making process.
Monero has faced regulatory scrutiny due to its privacy features and potential use in illicit activities. While it offers anonymity to users, this has raised concerns about money laundering and other illegal transactions.
Multichain, Vai, and Aragon did not meet Binance’s standards in terms of development activity, trading volume, and network stability. The delisting of these tokens reflects Binance’s commitment to maintaining a trustworthy trading environment.
Implications Of Delisting
In addition to the delisting of these tokens from the spot market, Binance will also remove them from its margin trading platform, futures trading, and other services. This includes Binance Margin, Binance Futures, Binance Simple Earn, Binance Auto-Invest, Binance Loans, Binance Convert, Binance Gift Card, Binance Pay, and Trading Bots.
Users’ funds in delisted tokens will be automatically converted into stablecoins. However, this conversion is not guaranteed, and users will be notified before it begins. The stablecoins will then be credited to user accounts after the conversion.
Users are advised to close any open positions and withdraw their assets in the affected trading pairs. They should also manage any associated products before the deadlines to avoid potential losses.
Hot Take: Binance’s Delisting Decision Supports Trustworthy Trading
Binance’s delisting of Monero, Multichain, Vai, and Aragon reflects its commitment to maintaining a trustworthy trading environment for its users. By considering various factors such as development activity, trading volume, and network stability, Binance ensures that it offers high-quality digital assets on its platform. The decision also addresses concerns about privacy features and potential misuse of cryptocurrencies for illicit activities. While the delisting may have implications for users who hold these tokens, Binance takes steps to safeguard their funds by automatically converting them into stablecoins. Overall, this move demonstrates Binance’s dedication to maintaining integrity and security within the crypto industry.
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