The world’s largest exchange Binance announced on Tuesday, August 15, intentions to delist three tokens from its trading platform. According to the exchange’s official statement, it regularly conducts a periodic review of all cryptocurrencies and trading products on its platform, ensuring they are of the highest standards in order to protect its customers’ interests.
This review is based on certain factors, including trading volume and liquidity, network stability, network security against attacks, and the project’s team commitment, among others.
Based on the results of their latest reviews, Binance states the following tokens are lacking in compliance in relation to these factors: Sonm (SNM), Serum (SRM), and DFI.Money (YFII). Therefore, the exchange will be delisting all trading pairs related to these tokens at exactly 03:00 (UTC) on August 22, 2023.
In addition, the order extends to other platforms affiliated with the exchange, including Binance Simple Earn, Binance Loans, Binance Gift Card, and Binance Pay. Albeit, the enforcement date varies for some of these platforms.
Binance Delisting Leads To Heavy Losses For Tokens
Following Binance’s announcement, Sonm (SNM), Serum (SRM), and DFI.Money (YFII) have all seen their value plunged into double-digit losses. According to data from CoinMarketCap, the SNM token is the largest loser of the trio declining by 79.09% in the last 24 hours.
Meanwhile, SRM and YFII are down by 29.19% and 19.55%, respectively, over the last day. These losses are quite unsurprising, as delisting by any exchange is commonly interpreted by investors as a disapproval of the token.
Considering Binance’s status as a key player in the global crypto space boasting over 150 million users, the exchange delisting a token can be quite detrimental, as seen above.
At the time of writing, SNM is trading at $0.05924, while SRM and YFII are exchanging hands at $0.5053 and $584.63, respectively.
Binance Connect Shuts Down
In other news, Binance has decided to close down its regulated buy and sell service, Binance Connect, due to the deactivation of supporting card payments on the platform by its provider.
The Biswap team keeps abreast of the latest DeFi news and aims to inform you right away.
After a thorough consideration, @binance has made a difficult decision to disable @Binance_Connect on 15 August due to its provider closing the supporting card payments… pic.twitter.com/HcooyLn4sg
— Biswap (@Biswap_Dex) August 15, 2023
This development was revealed on August 15 by the Biswap DEX via a post on X (formerly Twitter). Biswap also stated that the closure of Binance Connect was part of the exchange’s bigger goal of intensifying efforts on its core businesses.
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Formerly known as Bfinity, Binance Connect was launched on March 7, 2022, and designed to function as a platform for crypto on-ramps and payment infrastructures. It supports over 50 cryptocurrencies and prominent payment services such as Visa and Mastercard.