Binance periodically reviews each digital asset listed on the exchange to ensure that these assets meet the exchange’s high standards. If one or the other coin or token no longer meets these standards, the exchange is considering the delisting of the asset. The Exchange believes that this contributes to the protection of clients.
Based on the results of a recent analysis, Binance has decided to delist the following tokens: Blockmason Credit Protocol (BCPT), CyberMiles (CMT), Time New Bank (TNB) and VIBE (VIBE). These assets have been presented in a limited number of trading pairs on Binance, which are now also subject to removal.
Trading in these tokens will stop on February 10th. Before May 10, users need to withdraw them from the platform. Otherwise, they will be automatically exchanged for the BUSD stablecoin at the CoinMarketCap rate.
Moreover, as in the previous cases, the exchange doesn’t separately name the reason for the delisting of each of them. According to the announcement, these tokens ceased to meet its requirement. The exchange identified the following factors: low activity of developers, a decrease in trading volumes and liquidity, doubts about the security of networks, and the like.
“Delisting cannot be avoided”
Binance CEO Chanpeng Zhao commented:
“Delisting cannot be avoided. When we present new projects on our trading platform, we make an agreement to comply with certain criteria and regulations. And if the projects don’t cope, don’t meet the standards, then we have to say goodbye to them. Our standards are very clear ”.
In other words, it is prevention. The crypto exchange cleans itself of projects that don’t meet the stated requirements.
Zhao also noted that a lot of time passes before the actual delisting. The exchange revises many issues in relation to each individual project. He also assured everyone that when exchange delist a particular coin, not only the project suffers, but also Binance.
As expected, the announcement of the delisting led to a decrease in the prices of the corresponding assets.
The tokens subject to delisting have lost the interest of market participants, having lost over 90% of the initial value. The remaining holders of such tokens began to get rid of problem assets, as a result of which they fell in price even further.