Binance announced plans to delist CVP, EPX, FOR, LOOM, REEF, and VGX from its platform effective August 26, 2024, citing the need to maintain high standards.
Binance, one of the world’s leading cryptocurrency exchanges, will delist several digital assets from its platform effective August 26, 2024. The assets affected include CVP, EPX, FOR, LOOM, REEF, and VGX, according to an official announcement from Binance.
Criteria for Delisting
The decision to delist these tokens comes after a comprehensive review process. Binance periodically evaluates the digital assets listed on its platform to ensure they meet high standards and industry requirements.
Factors influencing the delisting include the commitment of the project team, development activity, trading volume and liquidity, network stability, public communication, responsiveness to due diligence requests, and regulatory compliance.
Details of the Delisting Process
Trading for the affected tokens will cease on August 26, 2024, at 03:00 (UTC). The specific trading pairs to 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 removed after trading ceases, and the token valuations will no longer be displayed in users’ wallets. Deposits of these tokens will not be credited after August 27, 2024, and withdrawals will not be supported after November 26, 2024.
Impact on Other Binance Services
Various Binance services will also be affected by the delisting:
Binance Simple Earn: The affected tokens will be delisted from Simple Earn on August 22, 2024. Users can redeem their positions beforehand, or they will be automatically redeemed and transferred to users’ Spot Wallets.
Binance Auto-Invest: The tokens will be removed from Auto-Invest plans on August 20, 2024. Users are advised to remove their plans to avoid any disruption.
Binance Margin: Isolated and cross margin borrowings will be suspended for the affected tokens 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 maintained 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 delist 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 strongly advised to update or cancel their trading bots and plans to avoid any potential losses.
Future Considerations
There is a possibility that delisted tokens may be converted into stablecoins on behalf of users after November 27, 2024. However, this conversion is not guaranteed and will be subject to a separate notification.
Binance encourages its users to adhere to these changes and manage their assets accordingly to avoid any inconvenience. For more detailed information, please refer to the official announcement on Binance.
Disclaimer: The information provided is not trading advice, Bitcoinworld.co.in holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.