The prominent cryptocurrency exchange Binance has declared that it will delist six altcoins on August 19, 2024. The altcoins affected by this decision are PowerPool (CVP), Ellipsis (EPX), ForTube (FOR), Loom Network (LOOM), Reef (REEF), and VGX Token (VGX). Binance’s decision follows its conclusion that these altcoins no longer meet its high standard requirements.
What Criteria Does Binance Use?
Binance conducts periodic reviews of each listed altcoin, evaluating them against specific criteria. This assessment process is crucial in determining whether an altcoin will continue to be listed on the platform or be removed. Through this approach, Binance aims to provide the best service to its users and adapt to market dynamics.
Factors influencing Binance’s decision to delist an altcoin include the commitment of the project team, the quality of development activities, trading volume and liquidity, network security, and stability. Moreover, responses to due diligence requests, unethical or fraudulent behavior, and new regulatory requirements are also considered during this process.
Which Altcoins Are Being Delisted?
The altcoins CVP, EPX, FOR, LOOM, REEF, and VGX will be removed from Binance’s listing on August 19, 2024. Users must complete all spot trading transactions involving these altcoins by 6:00 AM UTC on August 26, 2024. This decision follows a thorough review process, and these altcoins were found lacking in meeting the set criteria.
Practical Steps for Users
- Complete any spot trading with CVP, EPX, FOR, LOOM, REEF, and VGX by August 26, 2024, 6:00 AM UTC.
- Withdraw any holdings of these altcoins from Binance to avoid potential losses.
- Stay updated on further announcements from Binance regarding delisted altcoins.
Binance has emphasized that the decision to remove these altcoins is aimed at protecting users and maintaining the quality of altcoins listed on its platform. Users holding these delisted altcoins are advised to take necessary steps promptly to minimize potential losses.