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Breaking Sonm (SNM), Serum (SRM), DFI.Money (YFII) Nosedive Following Binance Delisting

2 mins
Updated by Ryan James
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In Brief

  • Binance announced the delisting of Sonm (SNM), Serum (SRM), and DFI.Money (YFII) on August 22.
  • The delisting announcement led to significant price drops for all three projects, with SNM experiencing a 49% decline.
  • Amid this, Binance has filed for a protective order against the SEC's information requests, relating to its US-based business.
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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:

Binance Factors for Delisting Altcoins.
Binance Factors for Delisting Altcoins. Source: Binance

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.

Serum Price. Source: CoinGecko
Serum Price. Source: CoinGecko
DFI.Money Price.
DFI.Money Price. Source: CoinGecko
SONM Price. Source: CoinGecko

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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Ryan James
Ryan Boltman is a dynamic and experienced professional with a rich background in marketing management, business development, and cryptocurrency journalism. With a BCOM in Marketing Management from the University of South Africa and an Honors in Business Management, Ryan has honed his expertise across multiple countries including South Africa, the USA, and the Netherlands. His career includes significant roles in customer success, sales management, and content creation within the blockchain...