Binance Delists 14 Altcoins, Tokens Plunge 10%

Binance, the largest crypto exchange by trading volume metrics, announced the delisting of 14 altcoins, causing a significant drop in the value of the affected tokens. The decision was made public during the early hours of the Asian session on Tuesday. Trading for these tokens will cease on April 16 at 03:00 (UTC).

The delisted tokens include BADGER, BAL, BETA, CREAM, CTXC, ELF, FIRO, HARD, NULS, PROS, SNT, TROY, UFT, and VIDT. The selection of these tokens was based on a comprehensive evaluation of multiple factors, including the level and quality of development activity, trading volume, and liquidity. This decision aligns with Binance's recent initiative to involve its community in the listing and delisting processes. A vote was held, with 103,942 votes from 24,141 participants, of which 93,680 were valid after filtering out ineligible and invalid votes.

Following the announcement, the 14 tokens experienced a sharp decline, with most recording double-digit losses. This reaction is typical for such announcements, as seen in a previous instance where the delisting of AKRO, BLZ, and WRX also resulted in significant price drops. Binance has provided guidelines for users to update or cancel their trading bots before the delisting to avoid potential losses. Any outstanding assets will be force-sold at market price or moved to the Spot Account if unsellable. The token’s valuation will no longer be displayed in users’ accounts after delisting, and deposits of these tokens will not be credited to users’ accounts after the delisting time. Withdrawals of these tokens from Binance will not be supported after June 9 at 03:00 UTC. Delisted tokens may be converted into stablecoins on behalf of users after June 10 at 03:00 (UTC).

Binance's move to involve the community in its listing and delisting decisions has been praised for bolstering democracy within the platform. However, it has also drawn criticism, with concerns raised over whether the exchange gives preferential treatment to BSC chain tokens. This development highlights the complex dynamics within the crypto community, where decisions by major exchanges can have far-reaching impacts on the value and viability of various tokens.