Binance has announced the delisting of three projects, set to be removed from the exchange on August 22.
Binance has announced it will remove Sonm (SNM), Serum (SRM) and DFI.Money (YFII) from its exchange next week. The move follows a prolonged bear market and low liquidity action in recent weeks.
Binance Delisting Hurts Projects
In the announcement, Binance cited that it regularly assesses projects listed on its platform and checks several key standards to ensure the exchange’s high standards are consistently met.
Although Binance did not specify exact reasons for each project, the provided list includes several potential factors, as outlined below:
Double Digit Losses for SNM, SRM, and YFII
The news has caused all three of the projects set to be delisted in the coming week to experience significant price drops.
Among the three projects, YFII seems to have experienced the least severe price impact. YFII and SRM both fall within the top 700 altcoins at the time of writing. Additionally, their prices dropped by 16% and 23%, respectively. SNM, currently ranked outside the top 1,000 altcoins, saw a staggering 49% price decline.
Binance Tackles SEC Depositions
Earlier today Binance filed a formal request for a protective order against the Securities and Exchange Commission’s (SEC) information requests, specifically seeking to restrict the scope of depositions.
The exchange asserts that the SEC’s information demands pertaining to its US-based business, BAM Trading, extend beyond the realm of customer assets.
Binance faces a lawsuit by the SEC, alleging the mingling of user funds, deceptive practices towards users, and operation of an unregistered brokerage.
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