Binance Announces Delisting of PowerPool (CVP) Along with 5 Other Altcoins from Spot and Futures Trading

• Binance, the world’s largest cryptocurrency exchange, has announced plans to delist six altcoins from both spot and futures trading.
• This announcement impacts PowerPool (CVP), Ellipsis (EPX), ForTube (FOR), Loom Network (LOOM), Reef (REEF), and VGX Token (VGX).
• “We continually review each digital asset we list to ensure it meets our high standard,” said Binance in an official statement.

Binance is set to delist six altcoins from its platform, impacting traders and triggering notable price swings.

Binance’s Decision to Delist Six Altcoins

On August 12th, Binance made a formal announcement that it would be removing six altcoins—PowerPool (CVP), Ellipsis (EPX), ForTube (FOR), Loom Network (LOOM), Reef (REEF), and VGX Token (VGX)—from its platform. The specified trading pairs, including CVP/USDT and EPX/USDT, will cease trading operations as of August 19th, 06:00 UTC. This action is part of Binance’s routine evaluations aimed at maintaining a secure and compliant trading environment.

Implications for Spot and Futures Trading

Effective from the announced date, all trading activities for these altcoins will be halted, and corresponding trading bots will be deactivated. The implications for traders are significant, as active positions in these altcoins need to be closed or adjusted before the delisting date. This move underscores Binance’s commitment to upholding rigorous listing standards.

Withdrawal and Deposit Deadlines

Binance has set specific deadlines for withdrawals and deposits concerning the delisted altcoins. Withdrawal services for the affected cryptocurrencies will be available only until November 26, 2024. Post that date, any remaining balances will be forfeit. Additionally, Binance will stop accepting deposits for these tokens starting from August 27, 2023, urging users to adjust their portfolios accordingly.

Market Reactions and Price Movements

Following the announcement, the impacted altcoins have experienced sharp declines in their market prices. According to CoinGecko data, CVP plummeted by 10% to $0.279, while EPX and FOR experienced even steeper declines of 32% and 28%, respectively. Similarly, LOOM saw a 9% drop, REEF fell by 30%, and VGX diminished by 23%. The abrupt price changes highlight the sensitivity of the altcoin market to major exchange decisions.

Conclusion

Binance’s decision to delist these six altcoins reflects its ongoing commitment to providing a secure, compliant, and high-quality trading environment. Traders impacted by this change need to adjust their portfolios promptly to mitigate potential losses. As the delisting deadline approaches, the cryptocurrency market will likely witness continued volatility for these specific assets. Binance users are advised to stay informed through official channels to navigate these changes effectively.