Oh, dear readers! Have you heard the latest news from Binance, the esteemed cryptocurrency exchange? They have decided to delist four tokens, including the illustrious AirDAO (AMB), CLV, StormX (STMX), and VITE. Why, you ask? Well, let me enlighten you.
It seems that Binance is committed to maintaining the highest standards on their platform. They constantly review the tokens they list, and if a project fails to meet their lofty expectations, it gets the boot. Quite the harsh mistress, isn’t she?
Farewell, AMB, CLV, STMX, and VITE!
Effective immediately, Binance will cease trading on all spot pairs for these unfortunate tokens. Users will no longer be able to buy or sell them on the trading platform, and all existing trade orders will be canceled. Oh, the drama!
But wait, there’s more! Users won’t even be able to see these digital assets in their balances unless they adjust some settings. Deposits for these tokens will not be credited after February 25, and withdrawals will only be available until April 24. Talk about a ticking time bomb!
Futures trading for AMB and STMX closes on February 21. Likewise, funding rate arbitrage bots using these tokens will shut down on February 20. Margin trading restrictions will begin before February 20, with full removal. And if that wasn’t enough, auto-invest plans involving these tokens will be canceled after February 19. The Binance Convert feature will stop supporting them by February 24. The crypto assets will also be removed from Binance’s gift card, crypto payment, and trading bot services. Quite the purge, wouldn’t you say?
Binance advises users to sell or withdraw their assets before the deadlines to avoid losses. In some cases, delisted tokens might be converted into stablecoins, but this is not guaranteed. Binance said it will provide updates if such a conversion takes place. How thoughtful of them!
Why Binance Delists Tokens
The decision to delist these tokens is not random. Binance revealed that several factors are considered before making such a call. If a project’s development slows down, its team stops communicating, or its trading volume drops significantly, it raises red flags. Security is also a major concern. If a network becomes vulnerable to attacks or shows signs of instability, it no longer meets Binance’s safety standards. Compliance is another issue. The trading platform must ensure that listed tokens comply with legal requirements.
Globally, crypto exchanges prioritize regulatory compliance in their operations. They must adhere to regulatory standards or risk facing fines or ceasing operations in certain jurisdictions or regions. Quite the tangled web we weave, isn’t it?
Coinspeaker noted that multiple trading platforms, including Crypto.com, are now delisting Tether’s stablecoin USDT from their platforms. This complies with the European Union’s Markets in Crypto Assets (MiCA) regulations. How fascinating!
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2025-02-17 14:07