Binance’s Decision to Delist Four Altcoins, Including a Top 40 Crypto
Binance, the renowned global cryptocurrency exchange, is set to remove four altcoins from its platform, among them Monero (XMR), a privacy-focused digital asset that ranks among the top 40 cryptocurrencies by market capitalization.
In addition to XMR, the delisted altcoins will include Aragon (ANT), Multichain (MULTI), and Vai (VAI), with their trading pairs scheduled to be removed on February 20, 2024.
Reasons Behind Binance’s Delisting Decision Binance’s move to delist these altcoins is part of its regular evaluation process aimed at ensuring that all listed cryptocurrencies meet the exchange’s rigorous standards. The periodic reviews take into account various factors, including:
- The development team’s commitment.
- The quality and intensity of development activities.
- Trading volume.
- Liquidity.
- Network stability.
- Public communication.
- Contribution to a sustainable crypto ecosystem.
Explaining the decision, Binance stated, “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.”
The announcement has sparked reactions within the cryptocurrency community, particularly due to Monero’s significant market presence. With a market capitalization of $2.6 billion, XMR holds the 36th position, signifying its importance within the industry.
The delisting of Monero, known for its emphasis on user anonymity, is considered a noteworthy event in the crypto space.
Market Responses to the Delisting Following the announcement, the affected cryptocurrencies experienced varied market responses. ANT quickly recovered from an initial price dip, showcasing resilience and strong community support. On the other hand, MULTI and VAI witnessed substantial declines, dropping by 18.76% and 5.61%, respectively. Despite its robust market position, XMR also faced an impact, with a 13.82% decrease in value.
Binance has outlined the trading cessation process, indicating that all trade orders will be removed post-delisting. Users are advised to withdraw these tokens before May 20, 2024, as withdrawals will no longer be supported beyond this date. The exchange has also mentioned the potential conversion of delisted tokens into stablecoins, although this is not guaranteed.
Furthermore, Binance Simple Earn will remove the delisted altcoins from its offerings on February 19, 2024. Users with Flexible Product positions involving these tokens are encouraged to redeem them in advance to avoid automatic redemption.
