Binance, the world’s largest cryptocurrency exchange by daily trading volume, announced its decision to delist some altcoins in an announcement made in the morning today. After the announcement, there were decreases in the price of altcoins to be delisted. Here are the details…
Binance announces delisting decision for 7 altcoins
Based on their latest review, the exchange will cease trading on all trading pairs for the following tokens and remove them from the platform as of 11 August 2022, 12 CEST. In the list below, you can see the features of the tokens to be delisted and their depreciation in the last 24 hours:
- EasyFi (EZ): EasyFi is a project focused on scalability, composability and adoption. It describes itself as a universal layer-2 loan protocol built for DeFi. It enables end-to-end lending of digital assets and related financial products. EZ has experienced a 39.35 percent drop in the last 24 hours with the Binance announcement.
- Quantstamp (QSP): Quantstamp provides expert security audits and Blockchain solutions. QSP is an ERC-20 token used to validate smart contracts on the decentralized QSP Security Protocol. The value of the token has dropped by 15 percent after the Binance announcement.
- Bread (BRD): BRD offers consumers a way to buy and protect Bitcoin and other cryptocurrencies. It aims to bring Blockchain-enabled financial services to the mobile generation. BRD was down 34.02 percent at the time of writing.
- Nexus (NXS): Nexus stands out with its Signature Chains technology, which offers automatic key management functions. The NXS is down 42.5 percent at the time of writing.
- Navcoin (NAV): Navcoin is a project that planned to offer fast, reliable payments with innovative technological and privacy features. At the time of writing, NAV has dropped as much as 12 percent.
- Moeda Loyalty Points (MDA): Moeda is a project launched at the United Nations hackathon (focusing on SDGs) in 2017 with the goal of creating a range of funding tools for entrepreneurs. Moeda Loyalty Points (MDA), which has dropped 23 percent at the time of writing, runs on the Ethereum platform.
- Spartan Protocol (SPARTA): Spartan Protocol provides a set of open, permissionless DeFi services to users and projects. It is trading down over 40 percent at the time of writing.
Why does the stock market perform a delist transaction?
From time to time, Binance may decide to remove cryptocurrencies from the platform that they think do not meet the high standard it expects. He argues that when a coin or token does not meet this standard, it protects users by performing a delist operation. As we have reported as Kriptokoin.com, the stock market takes the following criteria into account when reviewing:
- The team’s commitment to the project
- Level and quality of development activity
- Trading volume and liquidity
- Network stability and security against attacks
- Network / smart contract stability
- Public communication level
- Respond to periodic due diligence requests
- Evidence of unethical/dishonest behavior or negligence
- Contribution to a healthy and sustainable crypto ecosystem
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