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- Binance has announced that four digital currencies, including Monero
(XMR), Multichain (MULTI), Vai (VAI), and Aragon (ANT), will be delisted from the exchange. - According to the latest announcement, the delisting process is planned to take effect on February 20, 2024, at UTC 03:00.
- Monero, known for its privacy features, has faced regulatory scrutiny due to its potential use in illegal activities.
In its announcement today, Binance announced that it will completely remove 4 altcoins from the exchange: What are the reasons for this delist decision?
Binance to Delist 4 Altcoins
Binance has announced that four digital currencies, including Monero (XMR), Multichain (MULTI), Vai (VAI), and Aragon (ANT), will be delisted from the exchange. The decision to remove these tokens from the platform was made as part of Binance’s periodic review process.
According to the recent announcement, the delisting process is scheduled to take effect on February 20, 2024, at UTC 03:00. From this date onward, all trading pairs associated with these tokens, such as ANT/BTC, ANT/USDT, MULTI/USDT, USDT/VAI, XMR/BNB, XMR/BTC, XMR/ETH, and XMR/USDT, will not be available.
Furthermore, after February 21, 2024, deposits for these tokens will not be supported, and withdrawals for these tokens will not be supported after May 20, 2024.
Binance’s decision to delist these tokens is based on a comprehensive evaluation of various factors, including project team commitments, development activity, trading volume, network stability, public communication, responsiveness to audit requests, and contribution to a healthy crypto ecosystem. Any evidence of unethical behavior or negligence also affects the decision-making process.
Monero, known for its privacy features, has faced regulatory scrutiny due to its potential use in illegal activities. While providing users with anonymity, this feature has raised concerns among authorities regarding its potential use in money laundering and other illicit transactions.
In addition to Monero, Multichain, Vai, and Aragon, although not as widely known as Monero, have failed to meet Binance’s standards in terms of development activity, trading volume, and network stability. The delisting of these tokens emphasizes Binance’s commitment to maintaining a reliable trading environment for its users.
Impacts of the Delisting Process
In addition to removing spot market trading pairs for Monero, Multichain, Vai, and Aragon, Binance will also remove leverage, futures, and various other services for these pairs. This includes Binance Leverage, Binance Futures, Binance Earn, Binance Auto-Invest, Binance Loans, Binance Convert, Binance Gift Cards, Binance Pay, and Trading Bots.
In response to the delisting decision, users are advised to close open positions and withdraw assets from the aforementioned trading pairs. Additionally, it is recommended to manage associated products such as Earn, Auto-Invest, Loans, Leverage, Futures, Convert, Gift Cards, Pay, and Trading Bots before the specified dates to prevent potential losses.