Coinworld.com reports:
Binance, the world’s largest cryptocurrency exchange, is set to delist four cryptocurrencies on July 22, causing a significant drop in their prices. The deposits and withdrawals of these assets will be halted on July 23 and October 22, respectively.
Discontinued Support for These Cryptocurrencies
Binance, the global leader in cryptocurrency trading, regularly updates its services to enhance user experience. It frequently adds new trading pairs or removes existing digital assets from its platform due to various factors such as low trading volume and liquidity, poor public communication, and network stability against attacks.
It recently announced the delisting of BarnBridge (BOND), Dock (DOCK), Mdex (MDX), and Polkastarter (POLS). Support for all spot trading pairs involving the mentioned assets will be terminated starting from July 22.
The company revealed, “The exact trading pairs to be removed are BOND/BTC, BOND/USDT, DOCK/BTC, DOCK/USDT, MDX/USDT, and POLS/USDT. After the trading of each pair is stopped, all pending orders will be automatically removed. Following the delisting, the valuation of the tokens will no longer be displayed in your wallet. To view your assets after the trading stops, please ensure that you have not selected ‘Hide small balance’ in all wallets.”
Binance further stated that deposits for these assets will not be credited after July 23, while withdrawals will be halted after October 22.
The affected trading pairs will also be removed from Binance Loans, Binance Auto-Invest, Binance Margin, Binance Convert, Binance Buy Crypto, Binance Pay, and Binance Trading Bot.
Shortly after the disclosure, the prices of all the cryptocurrencies involved in the upcoming delisting plummeted by double digits. DOCK was hit the hardest, experiencing a 50% drop in valuation within 24 hours.
DOCK Price, Source: CoinGecko
The removal of a particular digital asset from a major platform like Binance can result in a significant price drop due to reduced liquidity, damaged reputation, decreased investor confidence, and other setbacks.
Earlier this year, a similar occurrence took place when the exchange delisted Monero (XMR). The popular privacy coin experienced a 35% price drop following the action.
Binance’s Previous Update
Less than a week ago, the exchange halted trading services for six pairs: BTC/AEUR, ETH/AEUR, AI/TUSD, CHR/BNB, GAS/FDUSD, and LQTY/FUSSD. The prices of the affected coins experienced a significant decline, aligning with the broader market drop at the time.
On the other hand, the company introduced WIF/BRL, ZK/USDC, and ZRO/USDC to Binance Spot. It is worth mentioning that this service is not available to all users:
“Currently, users residing in the following countries or regions will be unable to trade the aforementioned spot trading pairs: Canada, Cuba, Crimea region, Iran, Netherlands, North Korea, Syria, the United States and its territories (American Samoa, Guam, Puerto Rico, Northern Mariana Islands, U.S. Virgin Islands), and any non-government-controlled areas of Ukraine.”