Prepare for Binance Delisting: Six Tokens to Be Removed Soon

• Binance will delist six tokens on August 26, citing factors like development activity and network stability.
• Binance advises users to redeem or adjust investments before scheduled delisting dates to avoid disruptions.

Today, Binance just announced an important announcement on the delisting of many tokens, which will have a big impact on users and investors who own these digital assets.

The exchange has announced that it will stop trading and delist the following tokens: PowerPool (CVP), Ellipsis (EPX), ForTube (FOR), Loom Network (LOOM), Reef (REEF), and VGX Token.

The delisting and trading suspension for these tokens are set for August 26 at 11:00 UTC+8. This is a significant milestone in the cryptocurrency ecosystem because Binance is one of the world’s biggest exchanges, and its decisions frequently impact market movements.

Binance announced that it will delist the following tokens and stop trading on August 26 at 11:00 UTC+8: CVP, EPX, FOR, LOOM, REEF and VGX. https://t.co/fSiDBVW1j1

— Wu Blockchain (@WuBlockchain) August 12, 2024

Key Factors Behind Binance’s Delisting Decision 

Binance cited many important criteria as the basis for their decision to delist these tokens. The exchange underscored the importance of the project team’s commitment. A strong, dedicated staff is critical for any project’s long-term success and development, and a lack of this dedication can be damaging to the asset’s future.

Additionally, the level and quality of development activity are important factors. Projects that demonstrate steady and meaningful progress are more likely to succeed over time, which is why this criteria is important in Binance’s decision-making process.

Binance also takes into account the asset’s trading volume and liquidity. High trade volume and liquidity indicate a robust market and an active community. If these metrics are low, it could signal that the asset has lost importance or that traders are not interested.

Binance also considers the network’s stability and safety, particularly its resilience to threats. A reliable network that can withstand possible security threats is critical for retaining user trust and protecting their investments.

Furthermore, Binance’s evaluation takes into account the network or smart contract’s stability, as well as the level of public communication.

Effective communication with the public promotes transparency and aids in the development and maintenance of confidence among users. All of these criteria contribute to Binance’s decision to continue supporting or delisting a digital asset.

In conjunction with the delisting, Binance Simple Earn will delete the impacted coins after August 22, 2024, at 03:00 UTC. Users who have invested in Flexible and Locked Products associated with these tokens are encouraged to redeem their positions before the deadline.

Similarly, the tokens will be delisted after August 20, 2024, at 03:00 UTC on Binance Auto-Invest. Users are recommended to cancel their arrangements before this date, as the next repeating cycle for these tokens will fail if they are still in place.

On the other hand, CNF previously revealed that Binance worked with Thai and US authorities to stop a $277 million “pig butchering” scam.

Binance’s recent investments and security initiatives demonstrate its dedication to preventing cybercrime and promoting blockchain growth.

Meanwhile, the price of Binance Coin (BNB) fell 4.52% over the last 24 hours to $509.63, with a daily trading volume of $1.650 billion.