Crypto exchange announced on Monday, November 27th, that it would delist BitShares (BTS), (PERL), Tornado Cash (TORN), and Waltonchain (WTC) on December 7th. 

Binance will take off the following token pairs on the given date: BTS/USDT, PERL/USDT,  TORN/BUSD, WTC/BTC, and WTC/USDT. Let’s discover more about it.

Binance is Delisting 5 Token Pairs

Binance explained the move in a post: “At Binance, we periodically review each digital asset we list to ensure that it continues to meet the high level of standard we expect. When a coin or token no longer meets this standard or the industry changes, we conduct a more in-depth review and potentially delist it. We believe this best protects all our users.”

The trading platform advised that holders of these tokens make plans appropriately, as the last chance to withdraw them will be on March 7th, 2024, before 06:00. Withdrawals for the impacted tokens will be blocked after this date. So, Binance highlights that delisting tokens is part of its continuous efforts to safeguard its user base and maintain network security.

The crypto exchange has often delisted tokens from its platforms due to several factors. One of the possible reasons is poor trading volume, liquidity, and reduced development activity. In some cases, the exchange could delist tokens due to unethical or fraudulent conduct or ignorance.

As expected, being delisted from a platform like Binance will affect a token’s price. Some of the newly delisted tokens saw a drop in their price following the announcement. For example, WTC fell by 35%, while TORN dropped by 40%. In addition, PERL plunged 45%.

What’s new at Binance?

Binance has undergone huge changes over the last few days. The exchange struck a settlement with the US Department of Justice, which would see it pay $4.3 billion in fines and penalties. The settlement also demanded the resignation of former Binance CEO Changpeng Zhao.

Binance has appointed its former global head of regional markets, Richard Teng, as its new CEO. Teng shared his first official post as the new Binance boss on Monday. He emphasized plans to adopt a user-focused approach and also improve ties with regulators.

The information discussed by Altcoin Buzz is not financial advice. This is for educational, entertainment, and informational purposes only. Any information or strategies are thoughts and opinions relevant to the accepted levels of risk tolerance of the writer/reviewers and their risk tolerance may be different than yours. We are not responsible for any losses that you may incur as a result of any investments directly or indirectly related to the information provided. Bitcoin and other cryptocurrencies are high-risk investments so please do your due diligence. Copyright Altcoin Buzz Pte Ltd.


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