New York, Sunday July 21, 2024 – Altcoins – BarnBridge (BOND), Dock (DOCK), Mdex (MDX), and Polkastar (POLS) would be delisted from Binance effective July 22nd, 2024, at 3:00 UTC, Binance had announced.
The decision triggered a significant decline in the market value of the affected tokens.
The delistings follow Binance’s routine review process, which assesses digital assets based on factors like project commitment, trading volume, liquidity, network security, and responsiveness to inquiries.
Tokens deemed insufficient in these areas are subject to delisting after potential inclusion on a monitoring list. In this case, DOCK and POLS were identified for monitoring on July 1st.
The news resulted in immediate price drops for the delisted tokens. DOCK suffered the most significant decline, plummeting nearly 30%.
MDX and BOND both experienced losses exceeding 17%, while POLS also saw a double-digit decrease of over 17%.
Trading pairs involving the delisted tokens, such as BOND/BTC and DOCK/USDT, will be halted. Existing orders will be automatically canceled upon delisting. Users have until October 22nd, 2024, to withdraw their holdings. Binance may convert un-withdrawn tokens to stablecoins at a later date, but this is not guaranteed.
The exchange is also implementing adjustments across various services. These include delisting the tokens from Binance Simple Earn and Auto-Invest, terminating margin trading for them, and removing them from Binance Convert and Binance Pay by specific dates.
This incident highlights the market’s sensitivity to exchange delistings and regulatory actions. It underscores the importance of ongoing review processes for cryptocurrency exchanges to maintain platform integrity and user protection.
