Binance discontinues support for certain altcoins, leading to a substantial drop in their value. Here's an overview of the situation.
Binance Announces Delisting of Several Cryptocurrencies
In a recent development, Binance, the world's largest cryptocurrency exchange, has announced the removal of several cryptocurrencies from its platform. The delisting is scheduled for September 17 for spot trading and September 10 for Binance Spot Copy Trading.
The cryptocurrencies affected by this decision include BakerySwap (BAKE), Hifi Finance (HIFI), and Self Chain (SLF). This move comes after Binance warned users about a dangerous scam involving fake support calls that deceive people into changing their API settings.
Following the announcement, the prices of these cryptocurrencies plummeted. BAKE dropped by 26% to around $0.05, while HIFI and SLF collapsed by 22% and 23% respectively. However, the removal of these spot trading pairs had little to no impact on the prices of the involved cryptocurrencies.
Binance's CEO, Richard Teng, assured users that the company will never ask for their passwords or credentials over the phone. He also reiterated that Binance has shown support for World Liberty Financial (WLFI) and added it to several of its programs.
On September 5, Binance removed Remittix (RTX) from its trading pairs. Meanwhile, Binance temporarily paused all futures trading services due to a technical issue. No new dates or deadlines related to the delisting or removal of any cryptocurrencies were mentioned in this paragraph.
All trade orders for these cryptocurrencies will be automatically removed after trading ceases in each respective trading pair. Deposits of these tokens will not be credited to users' accounts after September 18, and withdrawals will not be supported after November 17.
The delisting of these cryptocurrencies from Binance can lead to decreased liquidity, diminished availability, and reputational damage. Users are advised to complete their trades before the delisting dates to avoid any potential losses. It is also important to note that this article does not contain any advertisements.
