Binance, one of the world’s largest cryptocurrency exchanges, has announced the delisting of four altcoins. BarnBridge (BOND), Dock (Dock), Mdex (MDX), and Polkastar (POLS) will be removed from the platform on July 22, 2024, at 03:00 UTC. As a result, the market value of these tokens has sharply declined.
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Binance has made the decision to delist altcoins in order to maintain high standards in the cryptocurrency ecosystem. As the exchange stated, “We conduct a thorough project review and may delist a token if it no longer meets our listing standards or if there are significant changes in the industry environment.”
Binance has thoroughly reviewed various factors during the delisting process of altcoins, including the commitment of project teams, development activities, trading volume, liquidity, and network security.
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The market impact of the delisting of the four tokens by Binance has been significant. DOCK experienced the biggest crash, losing approximately 30% of its value. MDX dropped by 23.65%. BOND and POLS suffered losses of over 17%.
Trading pairs involving these tokens will be halted, including BOND/BTC, BOND/USDT, DOCK/BTC, DOCK/USDT, MDX/USDT, and POLS/USDT. All existing trading orders will be automatically removed after the delisting is implemented.
It is worth noting that Polkastarter (POLS) is a cross-chain token pool and auction protocol built on the Polkadot (DOT) blockchain. It was launched in October 2020 as a way for projects to raise funds in a decentralized environment.
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Token holders should take note of key dates and actions. Users must withdraw these tokens by October 22, 2024. After this date, Binance may convert the delisted tokens into stablecoins, but this is not guaranteed and will be announced in the future.
Binance’s delisting of these altcoins highlights the volatile nature of the cryptocurrency market. This serves as a reminder to investors of the importance of understanding regulatory policies and diversifying portfolios to manage risks associated with potential delistings.
