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Major Price Declines for These Altcoins as Binance Removes 23 Assets: Details Inside
TL;DR
Binance has delisted 23 altcoins, leading to significant price drops for the affected tokens. This decision follows the addition of new trading pairs to its margin section.
Key points
- Binance removed 23 altcoins from its platform
- Affected tokens experienced sudden price collapses
- Delisting reduces liquidity and availability of coins
Mentioned in this story
Binance
RevoxTANSSIYalaRedacted
The world’s largest cryptocurrency exchange removed almost two dozen digital assets from its platform, causing sudden collapses across the affected tokens.
The announcement comes just a few days after Binance added a new batch of trading pairs to its margin section.
Binance Did It Again
The company revealed that 23 altcoins did not meet Binance Alpha’s standards and were delisted on April 30. Some of the affected tokens include Revox (REX), TANSSI (TANSSI), Yala (YALA), Redacted (RDAC), Skate (SKATE), SatLayer (SLAY), Velora (VLR), LayerEdge (EDGEN), Bubb (BUBB), Dexlab (XLAB), and many more.
When the exchange terminates support for certain cryptocurrencies, it usually causes major price declines. This is a rather normal reaction, considering that the development reduces the liquidity of the involved coin, diminishes availability, and causes reputational damage.
There was no surprise here as most of the affected tokens headed south by double digits. BUBB was among the worst-hit, with its valuation nosediving by nearly 50% over the past 24 hours.
Approximately two weeks ago, Dego Finance (DEGO), DENT (DENT), and TrueFi (TRU) also crashed in a similar manner after Binance said goodbye.
The company explained to its users that selling or withdrawing the recently scrapped assets on Binance Alpha will still be allowed. It also reminded that tokens part of that early-access platform are typically the subject of high volatility.
“Users must exercise sufficient risk management and DYOR (do your own research) to fully understand the projects before opting to trade the tokens,” it warned.
The Previous Amendments
Besides scrapping cryptocurrencies that no longer meet the necessary criteria, Binance regularly adds new trading pairs to respond to recent market trends and enhance the user experience.
Q&A
Which altcoins were removed by Binance on April 30?
Binance removed 23 altcoins, including Revox (REX), TANSSI (TANSSI), Yala (YALA), and Redacted (RDAC).
What are the consequences of Binance delisting altcoins?
The delisting typically results in major price declines, reduced liquidity, and reputational damage for the affected cryptocurrencies.
Why did Binance delist these 23 altcoins?
The altcoins were delisted because they did not meet Binance Alpha's standards.
