Binance, the world’s largest crypto exchange, just announced that it will remove 14 altcoins from its platform, causing their prices to drop quickly.
This move is part of Binance’s new system where they let the community help decide which coins should stay or go. But as you can see, this has caused a big impact on the market.
Which Coins Are Being Removed?
Binance will stop trading the following 14 coins on April 16 at 03:00 UTC:
BADGER, BAL, BETA, CREAM, CTXC, ELF, FIRO, HARD, NULS, PROS, SNT, TROY, UFT, and VIDT
The decision came after Binance ran a community vote and did some checks on each coin. More than 103,000 people voted, but only 93,680 votes counted after sorting out invalid ones.
The main reasons for removing these tokens are:
- Low trading activity (not enough buying/selling)
- Not enough updates from the development teams
- Low liquidity (difficult to buy or sell easily)
Prices Dropped Fast
As expected, after Binance made the announcement, the prices of these coins fell quickly, with many losing double digits in value.
This happens often in crypto when major exchanges like Binance remove coins. It signals to the market that the coin is no longer in favor.
For example, when Binance previously removed AKRO, BLZ, and WRX, their prices also dropped quickly.
What Binance Users Should Do
Here’s what you need to know if you’re affected:
- Open orders will be canceled once trading stops on April 16.
- Trading bots using these coins will be turned off, so make sure to update or cancel them before then.
- After the delisting, any leftover tokens will either be sold at the current market price or moved to your Spot Account if they can’t be sold.
- The value of the coins will no longer show in your account after the delisting.
- You won’t be able to deposit these tokens after April 16.
- Withdrawals of these tokens will stop after June 9.
- Binance may convert any remaining tokens into stablecoins like USDT after June 10.
Community Voting Is New But Not Everyone Is Happy
Binance’s new system lets users vote on which coins should be removed, but some people are not happy with it.
There are concerns that Binance might be favoring coins on its own Binance Smart Chain (BSC). This isn’t the first time Binance has faced criticism for supporting its own projects more than others.
A Little Background
Binance has removed coins in the past for various reasons, including:
- In 2019, Bitcoin SV (BSV) was removed because of legal problems with its creator.
- In 2021, Binance removed several meme coins because they were too volatile and risky.
Exchanges like Binance regularly update their listings to make sure the platform stays active and safe. But it always causes a stir when multiple coins get removed at once.
The post Binance to Remove 14 Altcoins – Prices Drop Right After the News appeared first on The Cryptoplay : All updates about Cryptocurrency worldwide.
