Binance has announced that it will remove several crypto tokens from its platform on August 26, 2024. This change will affect six tokens and their trading pairs, marking a big shift in what the platform offers. The Titan crypto exchange will also make a major update, removing and stopping trading for all spot pairs of six tokens starting on August 26, 2024, at 11:00 UTC+8.
This decision is part of the exchange’s regular review to make sure all listed digital assets meet their high standards and comply with industry changes. The trading pairs being removed include CVP/USDT, EPX/USDT, FOR/BTC, FOR/USDT, LOOM/BTC, LOOM/TRY, LOOM/USDT, REEF/TRY, REEF/USDT, and VGX/USDT.
After August 26, all open orders for these pairs will be automatically removed. Deposits of these tokens won’t be credited to accounts after August 27, 2024, at 03:00 UTC. Withdrawals for these tokens will be stopped after November 26, 2024, at 03:00 UTC. Binance may convert the delisted tokens into stablecoins for users starting November 27, 2024.
The impact of this delisting also affects other Binance services. Binance Simple Earn will remove these tokens after August 22, 2024, with automatic redemption for Flexible and Locked Products. The auto-invest feature for these tokens will end after August 20, 2024.
SEE ALSO: Breaking News: El Salvador Announces $1.6B Investment in Bitcoin City
Impact on Binance Loans and VIP Services
Binance Loans and VIP Loan services involving LOOM, REEF, and EPX will close all outstanding loan positions by August 20, 2024. Users are strongly advised to repay any loans before this date to avoid potential losses. Additionally, the Funding Rate Arbitrage Bot will stop working for LOOM/USDT and REEF/USDT pairs on August 19, 2024.
While this delisting affects many services, the USDⓈ-M LOOMUSDT and REEFUSDT Perpetual Contracts trading will continue as usual. This shows the complex nature of cryptocurrency trading and how exchanges manage their different products.
Volatility in Cryptocurrency Markets Post-Delisting
The announcement of the delisting has quickly and significantly affected the prices of the impacted tokens, showing how major exchanges like Binance can influence cryptocurrency values.
Reef (REEF) saw a sharp drop, with its price falling to $0.0008747, a 25.15% decrease in the last 24 hours and a 6.82% decline over the past week. With a circulating supply of 23 billion REEF, its market cap has reduced to $20,084,562, reflecting a strong market reaction.
Loom Network (LOOM) also faced a decline, with its price dropping to $0.0465, a 14.47% decrease in the last 24 hours. However, LOOM has seen a 4.58% increase over the past week, indicating some resilience or speculative activity. Its market cap is now $57,165,372, based on a circulating supply of 1.2 billion LOOM.
ForTube (FOR) has been hit hardest, with its price plummeting to $0.00903, a 39.11% decline in the last 24 hours and a 30.04% drop over the past week. The token’s market cap has fallen to $5,088,926, with a circulating supply of 560 million FOR.
These price movements underscore the volatility of cryptocurrency markets and the significant effect that major exchange listing decisions can have on token valuations.
SEE ALSO: Ethereum Client Launches Major Update to Address Bugs Before Pectra Upgrade
