The post Binance Delisting News: 14 Tokens Removed Triggering Massive Drop in Altcoins appeared first on Coinpedia Fintech News
Binance has delisted 14 tokens from its platform triggering massive sell-off and panic in traders. This comes as part of Binance’s new mechanism to involve its community in its listing-delisting processes. Binance announced early Tuesday during Asia’s trading hours that it will delist the following tokens.
“Following the Vote to Delist results and completion of the standard delisting due diligence process, Binance will delist BADGER, BAL, BETA, CREAM, CTXC, ELF, FIRO, HARD, NULS, PROS, SNT, TROY, UFT and VIDT on 2025-04-16,” the exchange noted.
Factors Taken In Consideration
Binance also shared that it evaluated several crucial factors before deciding to remove the tokens. The key factors included team commitment and responsiveness, trading activity, the level and quality of development activity, security, transparency, community sentiment, regulatory compliance and tokenomics, evidence of unethical or negligent conduct and changes in core team or project structure.
It also clarified that the tokens which survived this round aren’t guaranteed safety. It highlighted that tokens in the first batch of “Vote to Delist” that were not selected for delisting could still be delisted in the future if they no longer meet the exchange’s listing requirements.
Binance received a total of 103,942 votes from 24,141 participants in its latest community voting round. The Community voting results were evaluated after carefully filtering ineligible votes and invalid votes.
Key Deadlines for Withdrawals and Deposits
Binance will end the Trading Bots services support for the delisted tokens on April 16, 2025, at 03:00 UTC. Users are requested to cancel or update their bots to avoid losses. After delisting, token prices will no longer appear in user accounts. Starting April 16, 2025 at 03:00 UTC, any deposits of the delisted tokens will no longer be credited to users’ accounts.
Additionally, withdrawals for these tokens will only be available until June 9, 2025. Also, starting June 10, 2025, Binance may convert delisted tokens into stablecoins on behalf of users. However, this conversion is not guaranteed and users will be notified in advance if it happens.
Shortly after Binance announced the delisting, all 14 affected tokens saw a sharp decline with many suffering double-digit losses.
Community Criticism
Binance’s recent move to introduce a community voting mechanism has sparked significant debate within the community. Critics note that project teams might engage in “vote buying” to alter the outcomes in their favor affecting the integrity of the voting process.
Other concerns include that smaller or less popular projects could be unfairly targeted for delisting, irrespective of their actual performance or potential. While some community members feel that Binance is shifting the responsibility of delisting decisions to its user base, potentially reducing its own accountability for such actions.
However, the exchange has emphasized that the purpose of enhancing Binance’s listing mechanism is to provide users with more opportunities to better discover projects with potential while also making sure that the projects meet quality, innovation, and regulatory compliance standards.
