Binance, one of the world’s largest cryptocurrency exchanges with its daily trading volume, made a delisting announcement for two altcoins. With the announcement, the coins suffered a sharp depreciation. Here are the details…
Binance is delisting these altcoins
On March 17, Binance announced that it will be removing Helium (HNT) and Wabi (WABI) tokens from its platform. Delist will take place on March 24, 2023, at 06:00 Turkish time. According to the announcement, Binance will delist and stop trading all trading pairs for HNT and WABI tokens. The definitively removed trading pairs were HNT/BUSD and WABI/BTC. All trade orders will be automatically removed after trading stops on each respective trading pair. Following the development, the HNT price lost 18 percent of its value. The coin fell from $1.98 to $1.58.
WABI, on the other hand, lost 45 percent of its value. The price of the cryptocurrency fell from $0.11 to $0.061.
The exchange will also suspend the deposit of HNT tokens from March 25, 2023 at 06:00. After this period, HNT tokens will not be allowed to be traded. However, Binance has announced that it will support the trading of Helium (HNT) contract on the Solana (SOL) network. On the other hand, withdrawal of HNT tokens will not be suspended until April 17, 2023 at 06:00 CEST. Binance Futures also announced changes to the HNTUSDT perpetual futures contract, which will be effective from March 17, 2023, which will affect existing positions. Binance Futures will automatically close all positions and remove the contract from the list on March 20, 2023.
Why is the stock market delisting these altcoins?
cryptocoin.com As we reported, Binance stated that it periodically reviews each crypto asset it lists to ensure it continues to meet the high standard expected. He explained that when a coin no longer meets this standard or the industry changes, it conducts a more in-depth review and potentially delists coins.
In particular, it was stated that various factors were taken into account for the delist of tokens, including the team’s commitment to the project, the level and quality of development activity, trading volume and liquidity, stability and security of the network against attacks, network/smart contract stability, level. In addition, the projects’ communication with people, the exchange’s response to periodic due diligence requests, and their contribution to a healthy and sustainable crypto ecosystem were also considered.
As we previously reported, Binance’s US arm, Binance.US, announced that it will remove Helium (HNT) and JasmyCoin (JASMY) from its platform on March 21, 2023. The exchange will delist the trading pairs HNT/USD, HNT/USDT, JASMY/USD and JASMY/USDT on March 21, 2023.
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