Binance, one of the world’s largest cryptocurrency exchanges, has announced the delisting of four altcoins.
BarnBridge (BOND), Dock (DOCK), Mdex (MDX), and Polkastar (POLS) will be removed from the platform on July 22, 2024, at 03:00 UTC. As a result, the market value for these tokens has dropped drastically. Because of this, the market value for these tokens has dropped drastically.
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Binance decided to delist altcoins to keep the high standards in the crypto environment.
As stated by the exchange:
“When tokens no longer meet our listing criteria or significant changes occur in the industry environment, we conduct a thorough project review and may delist them.”
Binance conducts an in-depth review of various factors during the process of delisting altcoins. The exchange considers different factors to make this decision:
- The project team’s commitment
- Development activities
- Trading volume
- Liquidity
- Network security
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The Market Impact of Binance Delisting Four Tokens
The affected tokens received an important blow after Binance announced them. The biggest collapse was experienced by DOCK, which lost about 30% of its value. MDX got hit by a 23.65% drop. BOND and POLS had losses that went over 17%.
Trading pairs involving these tokens will be halted. Specifically, these include BOND/BTC, BOND/USDT, DOCK/BTC, DOCK/USDT, MDX/USDT, and POLS/USDT. All existing trade orders will be automatically removed after the delisting is implemented.
It should be noted that Polkastarter (POLS) is a cross-chain token pool and auction protocol built on the Polkadot (DOT) blockchain. It launched in October 2020 as a way for projects to raise capital in a decentralized environment.
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Key dates and actions should be heeded by token holders. These tokens must be withdrawn by users by October 22, 2024. After this date, the delisted tokens may be converted into stablecoins by Binance, though this is not guaranteed and would be subject to future notification.
The unstable nature of the cryptocurrency market is shown by Binance’s delisting of these altcoins. This is a reminder for investors that staying informed about exchange policies is crucial. Also, portfolio diversification should be used to deal with the risks associated with potential delistings.