Altcoins
These Altcoins Crash After Delisting From Binance
In short
- On July 22, Binance will delist four cryptocurrencies, causing their prices to drop significantly.
- Deposits and withdrawals of these assets will cease on July 23 and October 22, respectively.
There is no longer support for these cryptocurrencies
The world’s largest cryptocurrency exchange, Binance, regularly updates its services to improve user experience. It often adds new trading pairs to respond to ongoing market trends or removes existing digital assets from its platform due to various factors (such as low trading volume and liquidity, level of public communication, network stability from attacks, and others).
Lately announced delisting of BarnBridge (BOND), Dock (DOCK), Mdex (MDX) and Polkastarter (POLS). Support for all spot trading pairs involving the above securities will be discontinued effective July 22.
“The exact trading pairs removed are BOND/BTC, BOND/USDT, DOCK/BTC, DOCK/USDT, MDX/USDT, POLS/USDT. All trading orders will be automatically removed after trading ceases in each respective trading pair. The token valuation will no longer be displayed in your wallet after deletion. To view your assets after trading ceases, make sure you have not selected “Hide small balances” in all your wallets,” the firm revealed.
Binance added that deposits of these assets will not be credited after July 23, while withdrawals will be suspended after October 22.
The affected trading pairs will also be removed from Binance Loans, Binance Auto-Invest, Binance Margin, Binance Convert, Binance Buy & Sell Crypto, Binance Pay, and Binance Trading Bots.
All cryptocurrencies involved in the upcoming effort saw their prices plummet by double digits shortly after the disclosure. DOCK was hit the hardest, with its valuation plummeting by 50% on a 24-hour scale.
The delisting of a particular digital asset from a major exchange like Binance can result in substantial price declines due to reduced liquidity, reputational damage, decreased investor confidence, and other drawbacks.
The same thing happened earlier this year when the exchange delisted Monero (XMR). The move was following with a 35% drop in the price of the popular privacy coin.
Previous Binance Update
Less than a week ago, the exchange ceased trading services with the following six pairs: BTC/AEUR, ETH/AEUR, AI/TUSD, CHR/BNB, GAS/FDUSD, and LQTY/FDUSD. The prices of the affected coins dropped significantly, coinciding with the broader market decline during that period.
On the other hand, the company has included WIF/BRL, ZK/USDC, and ZRO/USDC in Binance Spot. It is worth mentioning that the service is not available to all users:
“Currently, users residing in the following countries or regions will not be able to trade the above-mentioned spot trading pairs: Canada, Cuba, Crimea Region, Iran, Netherlands, North Korea, Syria, United States of America and its territories (American Samoa, Guam, Puerto Rico, Northern Mariana Islands, US Virgin Islands) and any areas not controlled by the government of Ukraine.”