The world’s leading cryptocurrency exchange announced it will end all services for two digital assets. The actual delisting is scheduled for October 28, but the news has already negatively affected the involved coins.
Additionally, Binance will briefly suspend key operations on the Ethereum (ETH) network to perform wallet maintenance.
The Delisting
The company said it regularly evaluates each listed cryptocurrency to determine whether it continues to meet rigorous criteria and industry standards.
“When a coin or token no longer meets these standards or the industry landscape changes, we conduct a more in-depth review and potentially delist it. Our priority is to ensure the best services and protections for our users while continuing to adapt to evolving market dynamics,” it explained.
Key factors Binance considers include trading volume, adequate liquidity, the team’s commitment to the project, network security against attacks, development activity, and more. Following its latest review, it decided to terminate all services for Epic Chain (EPIC) and QuickSwap (QUICK).
The company will delist the assets from its Copy Trading section on October 21 and remove all spot trading services a week later. After October 29, deposits of these tokens will not be credited to users’ accounts, while withdrawals will be supported until December 28.
Such announcements usually negatively impact the price of the involved cryptocurrencies. After all, Binance remains the largest crypto exchange, and withdrawing support can damage the assets’ reputation, reduce their liquidity, and limit their availability. That said, it is no wonder EPIC plunged 15% in a single day, while QUICK slipped 22%.
Something similar happened in August this year. Back then, Binance delisted Across Protocol (ACX), Hashflow (HFT), PIVX (PIVX), Vulcan Forged PYR (PYR), Vanar (VANRY), and Viction (VIC), triggering double-digit price declines for the affected tokens.
The Upcoming Disruption
In a separate announcement, Binance revealed that it will perform wallet maintenance for the Ethereum (ETH) network on October 15. To support the process, the exchange will temporarily suspend deposits and withdrawals on that specific blockchain.
The maintenance is expected to take about one hour, after which operations should be resumed. Binance clarified that token trading on the network will not be affected and promised to handle all technical requirements for users.
The company has carried out similar procedures multiple times in recent months, with no reports of major issues.
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Source: https://cryptopotato.com/these-altcoins-plunge-hard-after-binance-says-goodbye-details/
