Binance will start with a deposit halt for all trading pairs linked to these tokens, including SNM/BTC, SNM/BUSD, SRM/BUSD, and YFII/USDT, on August 22, at 03:00 UTC.
The discontinued services for the three tokens encompass Binance Simple Earn, Binance Loans, Binance Pay, Binance Gift Card, and Binance Trading Bots.
While deposits will be halted next week, Binance offered an extended withdrawal window until November 22. Immediately after the deadline, the exchange may convert the delisted tokens into stablecoins.
However, the Binance press statement noted, “Before delisted tokens are converted into stablecoins, a separate notification will be made.” Any proceeds from the token conversion will be credited to the owner’s wallets.
The three tokens delisted fell short of Binance’s stringent quality benchmarks following the latest evaluation. Binance’s press statement mentioned its periodic assessment process for digital assets to maintain the highest standards.
When reviewing assets, Binance examines different aspects, including the project team’s dedication, trading volume, network stability, liquidity, level of public communication, and development activity.
The 3 tokens, SRM, SNM and YFII, failed to meet the exchanges’ rigorous standards after the latest review.
Immediately following Binance’s announcement, the three tokens reported sharp declines and have traded in the red since then.
SRM, trading at $0.071 few minutes before 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 trading volumes increased by 584%, 2499%, and 455% for YFII, SNM, and SRM, respectively, indicating that investors are disposing of these assets.