Binance customers will have to withdraw seven cryptocurrencies as the platform will remove their trading pairs. According to Binancea recent internal analysis has not shown a good reason to keep these altcoins on the platform’s list.
That said, the platform did not go into the depth of what this analysis was that resulted in the removal of the pairs, although it did give some indications, such as low volume, quality of the project, among others.
With the cryptocurrency price drop, it is possible that these coins were not having a good trading volume. Additionally, many recent market devaluations have put altcoins, which are riskier currencies, under pressure.
Any customer holding these coins now needs to keep an eye on the timing, as the exchange of these coins for others will be affected in the coming days.
Binance will remove seven cryptocurrencies and allow customers to withdraw money
In an announcement published this Thursday (4), Binance declared that seven cryptocurrencies will be removed from its catalog next week.
According to the exchange, this procedure is done frequently and one of the goals is to protect users of the digital currency ecosystem. In other words, when a delisting occurs, it is because a certain currency does not follow a pattern defined by the platform.
“At Binance, we periodically review each digital asset we list to ensure that it continues to meet the high level of standard that we expect. When a coin or token no longer meets this standard, or the industry changes, we conduct further analysis and potentially delist it. We believe this better protects all of our users.”
Thus, the seven cryptocurrencies to be removed from Binance they are EasyFi (EZ), Quantstamp (QSP), Bread (BRD), Nexus (NXS), Navcoin (NAV), Coin Loyalty Points (MDA), and Spartan Protocol (SPARTA). In total, there will be nine affected trading pairs, which are EZ/BTC, EZ/ETH, QSP/BTC, BRD/BTC, BRD/ETH, NXS/BTC, NAV/BTC, MDA/BTC, and SPARTA/BNB.
Traders will now have until next week to trade these cryptocurrencies on Binance, as on August 11 the exchange will close all pairs and remove pending orders. Anyone trying to deposit these coins after August 12 will not have their balance credited to the exchange, which will no longer support the seven projects.
The cut-off date for withdrawals from these altcoins is until 11/12/2022, indicating that customers will still have three months for withdrawals after the exclusion of transactions.
The mentioned cryptocurrencies collapse in the market
Considered one of the largest exchanges by trading volume, Binance’s process of deleting a project is never good for its community.
Proof of it is Bread (BRD), one of the projects that will be eliminated and that has fallen 40% in the last 24 hours in its price, with a value of just $0.05 per token. In the last 4 years, this project has lost 98% of its value.
Another melting is EasyFi (EZ), also losing 38% of its market value in the last few hours, then trading at $0.53. The rest of the projects that will be eliminated also fall after the announcement, between 16% and 38%, which indicates that their investors are selling.