Binance announced that it has removed four of its altcoins from the exchange.
BarnBridge, Dock (DOCK), Mdex(MDX), Polkastar (POLS), will all be taken off the platform at 3:00 AM UTC on Saturday July 22nd 2024. Due to this, the value of these coins has fallen dramatically. This has caused the value of tokens to drop dramatically.
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Binance has decided to remove altcoins from its list to maintain the highest standards of the crypto-environment.
You can also read about the advantages of using stated by the exchange:
“When tokens no longer meet our listing criteria or significant changes occur in the industry environment, we conduct a thorough project review and may delist them.”
Binance reviews a wide range of factors before delisting an altcoin. To make the decision, Binance considers a variety of factors.
- Project team commitment
- Development Activities
- Trading volume
- Liquidity
- Security network
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How Binance’s delisting of four tokens will impact the market
Binance’s announcement of the affected tokens was a major blow to their value. DOCK was the most affected, with a value drop of about 30%. MDX suffered a loss of 23,65%. BOND and POLS suffered losses of over 17%.
All trading pairs with these tokens have been halted. They are BOND/BTC (Bond/USDT), DOCK/BTC (Dock/USDT), MDX/USDT and POLS/USDT. Upon delisting all trade orders already in place will be removed.
Polkastarter is an auction and token pool protocol that runs on the Polkadot blockchain. The platform was launched on October 2020 to allow projects to raise funds in a non-centralized manner.
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Holders of tokens should take note of important dates and deadlines. Token holders must remove these tokens before October 22, 2024. Binance may convert the tokens delisted after this date into stablecoins, but this conversion is not guaranteed.
Binance’s decision to delist these altcoins is a clear indication of how unstable the crypto market can be. It is important for investors to be informed of exchange policies. Diversification of portfolios is also a good way to reduce the risk associated with possible delistings.
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Source: watcher.guru
