Binance will begin with a deposit halt for all buying and selling pairs linked to those tokens, together with SNM/BTC, SNM/BUSD, SRM/BUSD, and YFII/USDT, on August 22, at 03:00 UTC.
The discontinued companies for the three tokens embody Binance Easy Earn, Binance Loans, Binance Pay, Binance Reward Card, and Binance Buying and selling Bots.
Whereas deposits will likely be halted subsequent week, Binance supplied an prolonged withdrawal window till November 22. Instantly after the deadline, the trade could convert the delisted tokens into stablecoins.
Nevertheless, the Binance press assertion famous, “Earlier than delisted tokens are transformed into stablecoins, a separate notification will likely be made.” Any proceeds from the token conversion will likely be credited to the proprietor’s wallets.
High quality Compliance Insufficiency Led to the Delisting
The three tokens delisted fell wanting Binance’s stringent high quality benchmarks following the most recent analysis. Binance’s press assertion talked about its periodic evaluation course of for digital property to keep up the best requirements.
When reviewing property, Binance examines totally different points, together with the challenge crew’s dedication, buying and selling quantity, community stability, liquidity, degree of public communication, and growth exercise.
The three tokens, SRM, SNM and YFII, failed to fulfill the exchanges’ rigorous requirements after the most recent evaluate.
The Ripple Impact: Sharp Worth Declines
Instantly following Binance’s announcement, the three tokens reported sharp declines and have traded within the pink since then.
SRM, buying and selling at $0.071 a couple of minutes earlier than the announcement, sharply plunged to $0.055, a 22% decline. SNM tanked by 82%, dropping from $0.2 to $0.05, and YFII dropped by 21% from $725 to $574.
The coin’s buying and selling volumes elevated by 584%, 2499%, and 455% for YFII, SNM, and SRM, respectively, indicating that traders are disposing of those property.
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