Binance, the world's leading cryptocurrency exchange, has announced its decision to delist several tokens following a routine review.
The exchange periodically evaluates all listed digital assets to ensure they meet its rigorous standards. If a token fails to comply or if market conditions change, Binance conducts a thorough reassessment, which may lead to its removal from the platform.
This practice ensures that Binance continues to offer top-notch services and security to its users while staying adaptable to market shifts.
During these evaluations, Binance considers several factors, including:
- The project's team commitment
- Quality and volume of development activity
- Trading volume and liquidity
- Network stability and security against attacks
- Smart contract reliability
- Level of public communication
- Compliance with Binance’s due diligence
- Evidence of unethical or fraudulent activity
- New regulatory developments
- Contribution to a sustainable cryptocurrency ecosystem
Based on its latest assessments, Binance has decided to delist the following tokens and cease all spot trading pairs for them at 03:00 on August 26, 2024 (UTC):
- PowerPool (CVP)
- Ellipsis (EPX)
- ForTube (FOR)
- Machine Network Weave (LOOM)
- Reef (REEFEN)
- VGX Token (VGX)
The delisted trading pairs include: CVP/USDT, EPX/USDT, FOR/BTC, FOR/USDT, LOOM/BTC, LOOM/TRY, LOOM/USDT, REEF/TRY, REEF/USDT, and VGX/USDT.
All related orders will be automatically removed after trading ceases, and the tokens' values will no longer be visible in user wallets. To view delisted assets, users should ensure that “Hide Small Balance” is not selected in their wallets.
Deposits of these tokens will no longer be credited after 03:00 on August 27, 2024 (UTC). Withdrawals will be unsupported after November 26, 2024, at 03:00 (UTC).
Binance may convert delisted tokens to stablecoins on behalf of users after November 27, 2024, at 03:00 (UTC), though this conversion is not guaranteed. Any updates on conversion will be announced separately.
Other Binance services affected include:
- Simple Earn: Delisting tokens on August 22, 2024, at 03:00 (UTC). Users can redeem their positions beforehand, or they will be automatically redeemed and transferred to the Spot Wallet.
- Auto-Invest: Delisting tokens on August 20, 2024, at 03:00 (UTC). Users should cancel their plans in advance, or the next cycle will fail.
- Binance Loans: All positions for LOOM and REEF in Flexible and Stable Rate loans, and VIP Loan's EPX, LOOM, and REEF, will close by August 20, 2024, at 03:00 (UTC). Users should repay outstanding loans to avoid potential losses.
- Funding Rate Arbitrage Bot: All strategies for LOOM/USDT and REEF/USDT will be closed by August 19, 2024, at 06:00 (UTC).
- Margin Trading: Delisting CVP, EPX, FOR, LOOM, and REEF from Cross and Isolated Margin on August 20, 2024, at 06:00 (UTC). Loans will be suspended on August 14, 2024, and positions will be liquidated on August 20, 2024. Users should close positions and transfer assets before margin trading ceases.
- Portfolio Margin: Affected users should transfer the delisted tokens to the Spot Wallet and top up their margin balances before August 20, 2024, to avoid liquidations.
- Convert: The "Sell Only" function for these tokens will be available from August 21, 2024, to August 26, 2024. The tokens will be delisted on August 26, 2024.
- Buy & Sell Crypto: Delisting tokens on August 21, 2024.
- Gift Cards: Delisting tokens on August 26, 2024. Users should manage affected gift cards in advance.
- Binance Pay: Delisting tokens on August 21, 2024.
- Trading Bots: Service for the affected spot trading pairs will be terminated on August 26, 2024. Users should update or cancel their bots to prevent losses.
Perpetual Futures trading for LOOMUSDT and REEFUSDT will remain unaffected, and users can continue trading these pairs as usual.