- On April 16, 14 tokens will be removed from Binance after a successful vote and standard delisting procedures.
- The initial set of tokens slated for delisting includes TROY, SNT, and UFT.
- The delisting of tokens will affect Binance’s futures, margin, loan, and simple earn services.
- Users on Binance participated in voting by casting a total of 103,942 votes, of which 10,262 were invalid, leaving 93,680 valid votes.
- After a turbulent sell-off over the weekend and Monday, the total market capitalization of cryptocurrencies has rebounded to $2.596 trillion.
The largest cryptocurrency exchange by daily trading volume, Binance, is set to delist 14 tokens from its platform following the announcement of the initial vote results for delisting. The tokens that will be removed include BADGER, Balancer (BAL), Beta Finance (BETA), Cream Finance (CREAM), Cortex (CTXC), Aaelf (ELF), FIRO, Kava Lend (HARD), NULS, Prosper (PROS), SNT, TROY, UniLend (UFT), and VIDT DAO (VIDT).
Criteria for Token Delisting on Binance
Binance uses a thorough evaluation process to determine which tokens to delist. Factors considered include the results of the vote to delist, the project’s team’s commitment, development activity, liquidity, and trading volume. Additional considerations encompass network security, community involvement, responsiveness of the team, regular due diligence from Binance, and any signs of unethical or fraudulent behavior.
Furthermore, Binance evaluates the changing regulatory landscape, transparency, unexplained or unjustified increases in token supply, and the frequency of changes within the project’s core team and community perceptions.
In total, 24,141 users contributed to 103,942 votes, which were carefully scrutinized for any fraudulent activities, artificial voting using Internet Protocol (IP) manipulation, and other unfair practices. Out of the total, 93,680 votes were found valid, while 10,262 were invalid. The results are depicted in the accompanying chart.
Results from Binance’s vote to delist tokens
Users of Binance should take note of the tokens being delisted, which include BADGER, BAL, BETA, CREAM, CTXC, ELF, FIRO, HARD, NULS, PROS, SNT, TROY, UFT, and VIDT. Spot trading for these tokens will cease on April 16, with all orders automatically canceled upon termination. Users are advised to update or cancel any trading bots to prevent potential losses. Additionally, Binance is predicted to discontinue support for spot copy trading.
Important account details, such as valuations, will be deleted for the tokens being removed. Users need to uncheck the “Hide Small Balances” option to see their assets. Additionally, after April 16 at 03:00 UTC, deposits for these tokens will not be credited to user accounts, and withdrawals will also be stopped at that time. However, Binance might swap token balances for the affected users, though this is not guaranteed.
On April 14 at 09:00 UTC, Binance Futures will close all positions and automatically settle the affected tokens. Users are encouraged to close any open positions to avoid automatic settlements.
The Simple Earn feature, which enables users to earn interest by providing liquidity on idle assets, will also be eliminated. Services related to dual investment, mining pool, loans, and Binance Margin will no longer be offered for these tokens.
Crypto Market’s Recovery After Significant Sell-Off
Meme coins, including Fartcoin, and decentralized finance (DeFi) tokens like Telcoin have shown significant gains, according to reports. As of Tuesday, the overall market capitalization for cryptocurrencies has increased by 1.9% to reach $2.596 trillion.