CoinJiawang reported:
Binance, one of the world’s largest cryptocurrency exchanges, announced the delisting of four altcoins. BarnBridge (BOND), Dock (Dock), Mdex (MDX), and Polkastar (POLS) will be removed from the platform on July 22, 2024, at 03:00 UTC. As a result, the market value of these tokens has sharply declined. It is precisely because of this that the market value of these tokens has sharply declined.
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Binance has decided to delist altcoins to maintain high standards in the cryptocurrency environment. As the exchange stated, “When tokens no longer meet our listing standards or when significant changes occur in the industry environment, we will conduct a thorough project review and may delist them.”
Binance conducted a thorough review of various factors during the delisting process of altcoins. The exchange considered the following factors when making this decision:
– Commitment of the project team
– Development activities
– Trading volume
– Liquidity
– Network security
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Market impact of Binance’s delisting of the four tokens
After Binance’s announcement, the affected tokens suffered significant blows. DOCK experienced the largest crash, losing approximately 30% of its value. MDX dropped by 23.65%. BOND and POLS saw losses exceeding 17%.
Trading pairs involving these tokens will be halted. Specifically, this includes BOND/BTC, BOND/USDT, DOCK/BTC, DOCK/USDT, MDX/USDT, and POLS/USDT. All existing trading orders will be automatically deleted after the delisting is implemented.
It is important to note that Polkastarter (POLS) is a cross-chain token pool and auction protocol built on the Polkadot (DOT) blockchain. It was launched in October 2020 as a way for projects to raise funds in a decentralized environment.
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Token holders should take note of key dates and actions. Users must withdraw these tokens by October 22, 2024. After this date, Binance may convert the delisted tokens into stablecoins, but this is not guaranteed and will be notified in the future.
Binance’s delisting of these altcoins highlights the volatile nature of the cryptocurrency market. This serves as a reminder to investors that understanding regulatory policies is crucial. Additionally, portfolio diversification should be applied to deal with risks associated with potential delistings.