On August 12, Binance, the world’s largest cryptocurrency exchange, announced the delisting of 6 cryptocurrencies. The delisted tokens are:
- PowerPool (CVP)
- Ellipsis (EPX)
- ForTube (FOR)
- Loom Network (LOOM)
- Reef (REEF)
- VGX Token (VGX)
Binance will stop supporting deposits of these tokens from 03:00 (UTC) on August 27, 2024. Users will not be able to withdraw these tokens from Binance after 03:00 (UTC) on November 26, 2024.
These tokens are being delisted due to low market capitalizations (under 100 million USD), low trading volumes, and lack of recent development activity.
Binance periodically reviews listed cryptocurrencies to ensure they meet its high standards. If a token no longer meets these standards in terms of liquidity or network development, Binance conducts an in-depth assessment and considers delisting.
This delisting comes in the context of a recent 4% decrease in Bitcoin’s price, which is currently trading at around $58,300. As a result, all 6 delisted tokens have experienced losses, with REEF seeing the strongest decrease of more than 30%.
Notably, REEF and LOOM will still be listed on Binance Futures, and their Futures trading pairs will not be affected by their delisting from Binance Spot.
LOOM had seen significant gains last winter followed by a sharp decline, despite the overall market increase since the end of last year.
