Binance, the world's largest cryptocurrency exchange by trading volume, recently announced the delisting of 14 altcoins. This decision caused a significant drop in their values, with some experiencing double-digit declines.
In an effort to increase community participation in listing and delisting processes, Binance recently adopted a new mechanism. The exchange organized a voting process to determine which tokens would be delisted. This decision was announced on Tuesday morning during early trading in the Asian region. Binance will cease trading all spot trading pairs for these 14 tokens, starting from 10 AM on April 16, 2025.
The official announcement stated: "Based on the delisting vote results and after completing the standard verification process, Binance will delist the following tokens: BADGER, BAL, BETA, CREAM, CTXC, ELF, FIRO, HARD, NULS, PROS, SNT, TROY, UFT, and VIDT on 04-16-2025."
The selection of these tokens was based on a comprehensive assessment, including factors such as development activity level and quality, trading volume, and liquidity.
According to Binance data, the vote attracted 103,942 votes from 24,141 participants, with only 93,680 votes deemed valid after a thorough filtering process. Binance emphasized that the voting results were carefully evaluated to ensure transparency and fairness.
Immediately after the announcement, the value of these 14 tokens dropped significantly, with most experiencing double-digit declines. This is unsurprising, as delisting announcements typically trigger market sell-offs. Previously, Binance had also delisted three other altcoins, including AKRO, BLZ, and WRX, which also saw sharp value drops following the announcement.
To mitigate risks, Binance provided detailed guidance for users regarding the delisting:
After delisting, any remaining assets will be automatically sold at market price or transferred to the Spot account if they cannot be sold. The value of these tokens will no longer be displayed in users' accounts.
Additionally:
Although Binance's new mechanism, which allows community participation in listing and delisting processes, is praised for its democratic approach, it has also faced some criticism. According to Bitcoin Magazine, there are concerns that Binance might favor tokens from the Binance Smart Chain (BSC) ecosystem, raising doubts about the fairness of this process.
Binance's decision to delist 14 altcoins not only caused significant market volatility but also raised questions about the exchange's strategy and transparency in token portfolio management.
Disclaimer: This article is for informational purposes only and is not investment advice. Investors should thoroughly research before making decisions. We are not responsible for your investment choices.
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