- Binance has announced a major update affecting six cryptocurrency tokens starting August 26, 2024.
- These tokens include CVP, EPX, FOR, LOOM, REEF, and VGX, with trading pairs set to be removed and transaction services discontinued.
- Prior to the delisting, REEF and LOOM have already experienced significant declines in their market prices.
Upcoming Changes and Their Implications for Binance Users
Binance to Delist Six Crypto Tokens in August 2024
Binance, one of the largest cryptocurrency exchanges globally, will officially delist six tokens—CVP, EPX, FOR, LOOM, REEF, and VGX—on August 26, 2024. The exchange will cease trading for all related spot trading pairs, significantly impacting these digital assets. The delisting aims to ensure that Binance maintains the highest standards within the volatile crypto market.
Detailed Delisting Schedule and Procedures
On August 26, 2024, at 11:00 UTC+8, Binance will remove and cease trading for several spot trading pairs including CVP/USDT, EPX/USDT, FOR/BTC, FOR/USDT, LOOM/BTC, LOOM/TRY, LOOM/USDT, REEF/TRY, REEF/USDT, and VGX/USDT. All pending trade orders in these pairs will be cleared from the order books automatically. Deposits for these tokens will no longer be credited to users’ accounts after August 27, 2024, at 03:00 UTC. Withdrawal services for these tokens will also be discontinued as of November 26, 2024, at 03:00 UTC.
Additional Impacts on Binance Services
Beyond spot trading, the delisting will affect various Binance features. On August 22, 2024, Binance Simple Earn will automatically redeem positions in Flexible and Locked Products that include the affected tokens. The Auto Invest feature for these tokens will be disabled from August 20, 2024. Furthermore, Binance Loans and VIP Loan services will close all outstanding loan positions involving LOOM, REEF, and EPX by August 20, 2024. Users are urged to repay any active loans by this date to avoid possible losses. Finally, the Funding Rate Arbitrage Bot will cease to operate for LOOM/USDT and REEF/USDT pairs by August 19, 2024.
Market Reactions and Token Price Fluctuations
The delisting announcement has already affected the market prices of the tokens in question. REEF token experienced a significant 25.15% drop, falling to $0.0008747 within 24 hours of the announcement. Similarly, LOOM saw a 14.47% decline within the same period, yet paradoxically maintained a 4.58% increase over the past week. FOR token faced the steepest decline, dropping to $0.00903, down by 39.11% within 24 hours and 30.04% over the week. These movements reflect the considerable influence that Binance’s listing decisions can wield over cryptocurrency valuations.
Ongoing Trading Options and Strategic Outlook
Despite the delisting news, trading in USDⓈ-M LOOMUSDT and REEFUSDT Perpetual Contracts will remain unaffected. This indicates Binance’s selective and strategic approach to managing its diverse array of trading products. The decision underscores the complexity and interconnected nature of services offered across crypto trading platforms.
Conclusion
Binance’s decision to delist CVP, EPX, FOR, LOOM, REEF, and VGX illustrates the ongoing evolution and regulatory alignment within the cryptocurrency sector. As the market reacts to these significant changes, traders and investors should stay informed and plan accordingly. For users holding these tokens, timely action is essential to mitigate potential losses and adapt to the emerging crypto landscape.
