Binance, one of the world’s largest cryptocurrency exchanges announced delisting 14 altcoins right after its first “Vote to Delist” process.
The tokens that will be delisted include Badger DAO (BADGER), Balancer (BAL), Beta Finance (BETA), Cream Finance (CREAM), Cortex (CTXC), Aelf (ELF), Firo (FIRO), Kava Lend (HARD), NULS (NULS), Prosper (PROS), Status (SNT), TROY (TROY), UniLend (UFT), and VIDT DAO (VIDT).
According to the announcement, the delisting will take place on April 16, 2025, at 03:00 UTC. With this delisting, the trading will also cease for all the spot pairs.
Key Factors for Delisting
The main reasons for the delisting of these tokens are based on several factors. Let’s have a look at some of the factors responsible for delisting:
- Vote to Delist results: In this process, the community members participate in a voting process to figure out which tokens should be delisted.
- Commitment of the development team: The level of support and engagement from the project’s team is also considered while delisting of the token.
- Level and quality of developmental activity: The Binance team also looks at the progress and the quality of updates along with improvements, that have been put forward by the project.
- Trading volume and liquidity: The tokens’ ability to maintain an active and liquid market is also taken into consideration before delisting.
- Public communication and transparency: This has to be one of the most important aspect of delisting. Binance is sure to look at how clear and open the project regarding its updates and communications.
- Responsiveness to due diligence request: Binance also takes into account as to how well the project cooperated with Binance’s periodic reviews.
- Evidence of unethical conduct: Binance also looks for signs of fraud, negligence or if there are any unethical practices being carried out.
- Regulatory requirements: Binance will also look at how compliant the project is with new or changing regulatory standards.
Impact on Tokens
With this announcement, the tokens have experienced a significant shift in their market prices. As per CoinGecko, in the last 24 hours, the price of the PROS token experienced a major drop of 57.4%, the CREAM token has plummeted to 54.3% and the BETA token has dropped by 53.0%
Other tokens like FIRO token has experienced a drop of 48.4%, VIDT and NULS have also experienced a drop of 44.54% and 44.15% in the last 24 hours.
Binance’s Post-Delisting Procedure
According to the announcements, the deposits will not be credited after April 16, 2025, and withdrawals will be supported till June 9, 2025. Delisted tokens might be converted to stablecoin after June 10, 2025.
This delisting process by Binance makes sure that the exchange is maintaining high standards for its listed assets. These practices also ensure that a safer and more sustainable trading environment is established for its users.
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