Binance, one of the globe's leading cryptocurrency exchanges, has announced the delisting of six altcoins, causing significant turbulence in the crypto market. The affected tokens—PowerPool (CVP), Ellipsis (EPX), ForTube (FOR), Loom Network (LOOM), Reef (REEF), and VGX Token (VGX)—saw their values plummet by double digits following the announcement.
Starting August 26, 2024, at 03:00 UTC, Binance will remove all spot trading pairs for these tokens. The impacted pairs include CVP/USDT, EPX/USDT, FOR/BTC, FOR/USDT, LOOM/BTC, LOOM/TRY, LOOM/USDT, REEF/TRY, REEF/USDT, and VGX/USDT. Additionally, Binance will cancel all existing trade orders for these tokens.
Binance conducts periodic evaluations based on criteria such as team commitment, development quality, trading volume, liquidity, and regulatory compliance. The decision to delist is made when a token fails to meet these standards or if market conditions change.
The announcement has led to immediate and substantial declines in token prices: CVP dropped nearly 14%, EPX by 22%, FOR by almost 20%, LOOM by 13%, REEF by over 20%, and VGX by around 18%. These sharp declines underscore the market's sensitivity to delisting announcements, often viewed as indicators of a token's diminished viability.
After August 27, 2024, Binance will cease to credit deposits for these tokens but will continue to support withdrawals until November 26, 2024. There is a possibility that Binance may convert these tokens into stablecoins, though this is not guaranteed. Any such conversion would be preceded by a separate notification.
August 2024, Cryptoniteuae