Altcoins
Binance to remove these four altcoins from list, citing low standards
Binance, the largest cryptocurrency exchange by trading volume, has announced that it will delist four altcoins from its platform, including BOND, DOCK, MDX, and POLS. The latest update comes amid a struggling market that has seen around 2.67% of its value wiped out in the past 24 hours.
To protect our users and provide the best user experience, Binance has decided to cease offering the mentioned coins after failing to meet its level of industry standards and requirements. The value of the affected tokens may be impacted following the removal and investors are advised to monitor their portfolios and make necessary changes to avoid substantial losses.
Binance to delist altcoins and corresponding trading pairs
In the announcement dated June 8, the exchange giant revealed that it will cease supporting BarnBridge (BOND), Dock (DOCK), Mdex (MDX), and Polkastarter (POLS) on July 22, 03:00 (Italian time)Binance stressed that when the industry landscape changes or a token no longer meets its standards, a thorough review is conducted that potentially leads to the removal of that token from the platform.
Some of the criteria checked include the team’s commitment to the project, the level of public communication, the network’s security from attacks, the level and quality of development activity, trading volume and liquidity, and more. After careful analysis, Binance revealed that BOND, Dock, Mdex, and Polkastarter did not meet the requirements.
Accordingly, trading on all spot trading pairs for the above-mentioned token will cease upon expiration. Specifically, the corresponding trading pairs include BOND/BTC, BOND/USDT, DOCK/BTC, DOCK/USDT, MDX/USDT, and POLS/USDT. Once trading ceases, all open trading orders will be automatically removed.
Additionally, users will no longer be able to see the token valuation in their wallet after July 22. Additionally, Binance will stop deposits for these tokens from July 23, and any tokens deposited after this date will not be credited to the wallet. Withdrawals of affected tokens will continue until October 22.
Binance stressed that users “may” get an automatic conversion to stablecoin after October 23 03:00 (Italian time)However, this is not guaranteed, so users are advised to take proactive measures and adjust their portfolios to avoid losses.
Binance to remove coins from other services
Meanwhile, Binance also noted that the affected coins will be delisted from other services. Specifically, Binance Simple Earn will delist the above tokens on July 19 at 03:00 (Italian time)Flexible product positions that are not redeemed before expiration will be automatically redeemed and moved to users’ spot wallets.
Additionally, Binance Auto-Invest will delist the tokens on July 15. 03:00 (Italian time). After this date, the next recurring cycle of the affected coins will fail, so users are advised to remove plans ahead of time. VIP Loans will close all lending positions on July 17. Additionally, Binance Funding Rate Arbitrage Bot will terminate all arbitrage strategies and automatically settle the BOND/USDT symbol.
Other services that will be discontinued include Binance Margin, Portfolio Margin, Binance Convert, Binance Buy & Sell Crypto, Binance Gift Card, Binance Pay and Trading Bots services. Please check the detailed announcement to see complete moving dates.