Binance users should work before deleting these 6 Altcoins

Binance, one of the world's largest crypto exchanges, has announced the delisting of six altcoins. The affected altcoins—PowerPool (CVP), Ellipsis (EPX), ForTube (FOR), Loom Network (LOOM), Reef (REEF), and VGX Token (VGX)—experienced price declines, each falling by double digits immediately afterward. The ad.

Historically, announcements about Binance listing/delisting altcoins have had a significant impact on their prices.

Users must take action before buying Altcoins Binance

Starting August 26, 2024, at 03:00 UTC, Binance will remove all spot trading pairs for these tokens.

The affected pairs include CVP/USDT, EPX/USDT, FOR/BTC, FOR/USDT, LOOM/BTC, LOOM/TRY, LOOM/USDT, REEF/TRY, REEF/USDT and VGX/USDT. Subsequently, the exchange will automatically cancel all existing trade orders.

Read More: Binance Review 2024: Is It The Right Crypto Exchange For You?

Binance regularly conducts reviews to evaluate factors such as team commitment, quality of development activity, transaction volume, liquidity, network security, stability, public relations, responsiveness to due diligence requests, and compliance with new regulatory requirements.

“If a coin or token no longer meets these criteria or the industry landscape changes, we will conduct a more thorough review and may cancel it,” Binance explained.

The price effects were both immediate and significant. CVP is down 14%, EPX is down 22%, FOR is down 20%, LOOM is down 13%, REEF is down over 20%, and VGX is down 18%. These sharp drops reflect the market's sensitivity to exchange listings, which is often used as a proxy for token viability.

After August 27, 2024, Binance will not consider deposits of these tokens. However, the exchange will support the issuance of these tokens until November 26, 2024.

Later, Binance can convert these tokens into stablecoins. Although this is not guaranteed. A separate notice will precede any such conversion.

Read more: 11 Cryptos to Add to Your Portfolio Ahead of the Altcoin Phase

In a separate development, Binance has informed users about the upcoming automatic conversion of 15 delisted altcoins into USDC stablecoin. This process will be based on user holdings recorded on September 2, 2024, 00:00 UTC snapshot. The aim is to provide users with a stable store of value after these tokens are removed from active trading.

These altcoins are:

Bitcoin Gold (BTG) Bitcoin Standard Hashrate Token (BTCST) Bitshares (BTS) District0x (DNT) Groestlcoin (GRS) Hegic (HEGIC) MobileCoin (MOB) Monero (XMR) Monetha (MTH) Multichain (MULTI) Navcoin (NAV) Sologenic ( SOLO) Spartan Protocol (SPARTA) Symbol (XYM) Tribe (Tribe)