Binance, the renowned global cryptocurrency exchange, has decided to delist four altcoins. The list includes Monero (XMR), a highly respected privacy coin and a top 40 cryptocurrency by market capitalization.
Joining XMR in this delisting are Aragon (ANT), Multichain (MULTI), and Vai (VAI). These altcoins will have their trading pairs removed from the platform on February 20, 2024.
The Rationale Behind Binance’s Decision
Binance’s decision to delist these altcoins is part of its regular evaluation process. The exchange conducts these reviews to ensure that all listed cryptocurrencies adhere to its high standards. These standards encompass various aspects, including:
- The dedication of the development team
- The quality and level of development activity
- Trading volume
- Liquidity
- Network stability
- Public communication
- Contribution to a sustainable crypto ecosystem
Binance explains, “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 Crypto Community’s Reaction
The decision to delist these tokens has sparked reactions within the cryptocurrency community. Monero’s strong market presence, with a market capitalization of $2.6 billion and a ranking of 36th, makes it a significant asset within the industry. As a privacy-focused cryptocurrency, it has been a go-to for users prioritizing anonymity, making its delisting a significant event.
Post-announcement, the affected cryptocurrencies have shown varied market responses. ANT managed to recover quickly from an initial price dip, showing resilience and strong community backing. On the other hand, MULTI and VAI have seen substantial declines, dropping by 18.76% and 5.61%, respectively. Even XMR, despite its robust market position, has experienced a 13.82% decrease in value.
The Aftermath of Delisting
Binance has detailed the process for the cessation of trading. It will remove all trade orders post-delisting and has advised users to withdraw these tokens before May 20, 2024, as it will cease to support withdrawals beyond this date. The exchange has also hinted at the possibility of converting delisted tokens into stablecoins, although this is not guaranteed.
Furthermore, Binance Simple Earn will delist the altcoins from its offerings on February 19, 2024. Users with Flexible Product positions in these tokens are encouraged to redeem them in advance to avoid automatic redemption.
