Binance to Delist CVP, EPX, FOR, LOOM, REEF, VGX on August 26, 2024
Caroline Bishop Aug 13, 2024 07:18
Binance will delist several cryptocurrencies, including CVP, EPX, FOR, LOOM, REEF, and VGX, on August 26, 2024, as part of its periodic asset review.
Binance, one of the largest cryptocurrency exchanges globally, has announced the delisting of several digital assets, including CVP, EPX, FOR, LOOM, REEF, and VGX. The delisting will take effect on August 26, 2024, at 03:00 UTC, according to Binance.
Reasons for Delisting
Binance periodically reviews the digital assets listed on its platform to ensure they meet industry standards and other criteria. Factors considered during these reviews include the commitment of the development team, trading volume and liquidity, network stability, and adherence to regulatory requirements. If an asset no longer meets these standards, Binance may decide to delist it.
Impact on Users
The delisting will affect several trading pairs, including CVP/USDT, EPX/USDT, FOR/BTC, FOR/USDT, LOOM/BTC, LOOM/TRY, LOOM/USDT, REEF/TRY, REEF/USDT, and VGX/USDT. All trade orders will be automatically removed after trading ceases in each respective pair. Additionally, users will no longer see the token's valuation in their wallets post-delisting unless they disable the “Hide Small Balances” feature in all wallets.
Deposits of these tokens after August 27, 2024, at 03:00 UTC will not be credited to user accounts. Withdrawals will not be supported after November 26, 2024, at 03:00 UTC. Binance has also indicated that delisted tokens may be converted into stablecoins after November 27, 2024, although this is not guaranteed.
Affected Services
Several Binance services will be impacted by the delisting:
- Binance Simple Earn: The affected tokens will be delisted on August 22, 2024. Users may redeem their Flexible and Locked Products positions before this date.
- Binance Auto-Invest: The tokens will be delisted on August 20, 2024. Users are advised to remove their plans before this date.
- Binance Loans: All outstanding loan positions for LOOM and REEF will be closed on August 20, 2024. Users are advised to repay their loans to avoid potential losses.
- Binance Margin: Isolated and Cross Margin trading for these tokens will be suspended on August 14, 2024, and delisted on August 20, 2024. Users are advised to close their positions to avoid losses.
- Binance Convert: A Sell-only function will be available from August 21, 2024, to August 26, 2024. The tokens will be delisted on August 26, 2024.
- Binance Gift Card and Binance Pay: These services will delist the tokens on August 26, 2024, and August 21, 2024, respectively.
- Trading Bots: The Trading Bots services for the affected pairs will terminate on August 26, 2024.
Continued Services
It is important to note that USDⓈ-M LOOMUSDT and REEFUSDT Perpetual Contracts trading will not be affected by this delisting. Users may continue trading these pairs as usual.
Binance emphasizes the importance of these periodic reviews to maintain a healthy and sustainable crypto ecosystem. The exchange aims to continue adapting to evolving market dynamics while providing the best services and protections for its users.
Image source: Shutterstock