Binance, the global cryptocurrency exchange, has announced the delisting of four altcoins, including Monero (XMR), a well-regarded privacy coin, and a top 40 cryptocurrency by market capitalization.
Alongside XMR, Aragon (ANT), Multichain (MULTI), and Vai (VAI) will also see their trading pairs removed from the platform on February 20, 2024.
Why Binance Will Delist 4 Altcoins
This move is part of Binance’s routine evaluation to ensure that all listed cryptocurrencies meet the exchange’s stringent standards. Moreover, these periodic reviews assess various aspects, such as:
- The development team’s dedication.
- The quality and level of development activity.
- Trading volume.
- Liquidity.
- Network stability.
- Public communication.
- Contribution to a sustainable crypto ecosystem.
“When a coin or token no longer meets this standard or the industry changes, we conduct a more in-depth review and potentially delist it. We believe this best protects all our users,” Binance explained.
The decision to delist these tokens has stirred reactions within the cryptocurrency community, especially with Monero’s strong presence in the market. With a market capitalization of $2.6 billion, XMR ranks 36th, marking it as a significant asset within the industry.
The privacy-focused cryptocurrency has been a staple for users prioritizing anonymity, making its delisting a notable event.
Following the announcement, the affected cryptocurrencies have experienced varied market responses. ANT quickly bounced back from an initial price dip, demonstrating resilience and strong community backing. Conversely, MULTI and VAI have suffered substantial declines, dropping by 18.76% and 5.61%, respectively. XMR, despite its robust market position, has not been immune to the impact, witnessing a 13.82% decrease in value.
Read more: Binance Review 2024: Is It the Right Crypto Exchange for You?
Binance has outlined the process for the cessation of trading, noting that it will remove all trade orders post-delisting. The exchange advised users to withdraw these tokens before May 20, 2024, as it will stop supporting withdrawals beyond this date. It also mentioned the possibility of converting delisted tokens into stablecoins, although this is not guaranteed.
Additionally, Binance Simple Earn will delist the altcoins from its offerings on February 19, 2024. Users engaged in Flexible Product positions with these tokens are encouraged to redeem them in advance to avoid automatic redemption.
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