Binance Delists Four Altcoins, Sparking Market Losses

Binance, the world's largest cryptocurrency exchange by trading volume, has announced its intention to delist four altcoins from its platform. The move, set to take effect on February 24 at 03:00 UTC, is part of Binance's ongoing effort to enhance market quality and user protection.

The affected tokens are AirDAO (AMB), CLV (CLV), StormX (STMX), and VITE (VITE). Binance will cease trading on all spot trading pairs for these tokens, including AMB/USDT, CLV/BTC, CLV/USDT, STMX/TRY, STMX/USDT, and VITE/USDT. Following the announcement, most of the tokens experienced double-digit losses, reflecting the market's reaction to delistings on major exchanges.

This is not the first time Binance has delisted tokens. In August 2022, the exchange removed six altcoins, leading to significant price drops for those cryptocurrencies. Similarly, a recent delisting announcement in December 2022 sent three altcoins into free fall. Conversely, token listings on popular exchanges like Binance and Coinbase often inspire price surges, as seen with the recent listing of POPCAT and PENGU on Coinbase.

Binance's decision to delist these tokens is part of its periodic review process, which assesses the performance of listed trading pairs. The exchange considers factors such as development activity, network stability, and smart contract security. When a coin or token no longer meets these standards or the industry landscape changes, Binance may delist it to ensure the best services and protections for its users.

Binance users should be aware that all trade orders for the tokens marked for delisting will be removed after trading ceases on February 24. 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 starting February 25. Additionally, withdrawals of these tokens from Binance will not be supported after April 24. Delisted tokens may be automatically converted into stablecoins starting April 25.

Binance also stated that this delisting action would affect perpetual contracts for AMB and STMX starting February 21 at 09:00 UTC. Traders holding open positions