These Altcoins Plummet Following Delistings from Binance

TL;DR

• Binance will delist four cryptocurrencies on July 22, causing their prices to drop significantly.
• Deposits and withdrawals of these assets will cease on July 23 and October 22, respectively.

No More Support for These Cryptocurrencies

The world’s largest cryptocurrency exchange, Binance, regularly updates its services to enhance user experience. It often adds new trading pairs to respond to ongoing market trends or removes existing digital assets from its platform due to various factors (such as poor trading volume and liquidity, level of public communication, stability of network from attacks, and others).

It recently announced the delisting of BarnBridge (BOND), Dock (DOCK), Mdex (MDX), and Polkastarter (POLS). Support for all spot trading pairs involving the aforementioned will be terminated from July 22. 

“The exact trading pairs being removed are BOND/BTC, BOND/USDT, DOCK/BTC, DOCK/USDT, MDX/USDT, POLS/USDT. All trade orders will be automatically removed after trading ceases in each respective trading pair. The token’s valuation will no longer be displayed in your wallet after delisting. To view your assets after trading ceases, please ensure you have not selected “Hide Small Balances” in all of your wallets,” the firm revealed.

Binance added that deposits of these assets will not be credited after July 23, while withdrawals will be halted after October 22. 

The affected trading pairs will also be delisted from Binance Loans, Binance Auto-Invest, Binance Margin, Binance Convert, Binance Buy & Sell Crypto, Binance Pay, and Binance Trading Bots.

All of the cryptocurrencies involved in the upcoming effort saw their prices crash by double digits shortly after the disclosure. DOCK was the worst affected, with its valuation collapsing by 50% on a 24-hour scale.

Removing a certain digital asset from a major platform like Binance can lead to a substantial price decline due to reduced liquidity, reputational damage, decreased investor confidence, and other setbacks. 

The same thing happened earlier this year when the exchange delisted Monero (XMR). The move was followed by a 35% price plunge for the popular privacy coin.

Binance’s Previous Update

Less than a week ago, the exchange ceased trading services with the following six pairs: BTC/AEUR, ETH/AEUR, AI/TUSD, CHR/BNB, GAS/FDUSD, and LQTY/FDUSD. The prices of the affected coins tumbled significantly, coinciding with the broader market decline at that time.

On the other hand, the company included WIF/BRL, ZK/USDC, and ZRO/USDC to Binance Spot. It is worth mentioning that the service is not available to all users:

“Currently, users residing in the following countries or regions will not be able to trade the above-mentioned spot trading pair(s): Canada, Cuba, Crimea Region, Iran, Netherlands, North Korea, Syria, United States of America, and its territories (American Samoa, Guam, Puerto Rico, the Northern Mariana Islands, the U.S. Virgin Islands), and any non-government controlled areas of Ukraine.”