Crypto exchange Binance has announced it will no longer support four altcoins — BarnBridge (BOND), Dock (DOCK), Mdex (MDX), and Polkastar (POLS). Effective July 22 at 03:00 UTC, it will delist these altcoins, causing a sharp drop in their market value.
This price action reflects market sensitivity to exchange delistings and regulatory actions.
Altcoins Nosedive Following Binance Delisting Announcement
Immediately following the announcement, the affected tokens saw significant price declines. Specifically, DOCK plummeted nearly 30%, MDX dropped by 23.65%, and BOND and POLS both experienced over 17% losses.
The delistings are part of Binance’s periodic review. Often, it adds the tokens under the monitoring tag before delisting them. For instance, on July 1, Binance included 11 altcoins under its monitoring tag, including DOCK and POLS.
“At Binance, we periodically review each digital asset we list to ensure that it continues to meet a high level of standard and industry requirements,” Binance explained.
Read more: Binance Review 2024: Is It the Right Crypto Exchange for You?
The review focuses on several critical factors, such as the project team’s commitment, trading volume, liquidity, network security, and responsiveness to due diligence inquiries.
Trading pairs like BOND/BTC, BOND/USDT, DOCK/BTC, DOCK/USDT, MDX/USDT, and POLS/USDT will see a trading halt, and all existing trade orders will be automatically removed after delisting. Users must withdraw these tokens by October 22, 2024. If not, Binance might convert the delisted tokens into stablecoins, although this is not guaranteed and will be subject to a future notification.
Read more: 11 Cryptos To Add To Your Portfolio Before Altcoin Season
Furthermore, Binance is making adjustments across various services to phase out these altcoins comprehensively. These changes include delisting from Binance Simple Earn and Auto-Invest, ending margin trading for these tokens, and removing them from Binance Convert and Binance Pay by predetermined dates.
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