Binance to Delist These Four Altcoins, Citing Low Standards

Binance, the largest crypto exchange by trade volume, has announced that it will delist four altcoins from its platform including, BOND, DOCK, MDX, and POLS. The latest update comes amid a struggling market that has seen about 2.67% of its value wiped out in the last 24 hours.

To protect its users and provide the best user experience, Binance has decided to cease offering the mentioned coins after failing to meet its level of standard and industry requirements. The value of the affected tokens might be affected following the removal, and investors are advised to monitor their portfolios and make the required changes to avoid substantial loss.

Binance to Delist Altcoins and Corresponding Trading Pairs

In the announcement dated June 8, the exchange giant revealed that it will cease supporting BarnBridge (BOND), Dock (DOCK), Mdex (MDX), and Polkastarter (POLS) on July 22, at 03:00 (UTC). Binance emphasized that when the industry landscape changes or when a token no longer meets its standard, an in-depth review is conducted which potentially leads to the removal of such token from the platform.

Some of the criteria checked include the commitment of the team to the project, level of public communication, the safety of the network from attack, level and quality of development activity, trading volume and liquidity, and more. After much review, Binance disclosed that BOND, Dock, Mdex, and Polkastarter have failed to meet the requirements.

Consequently, trading on all spot trading pairs for the aforementioned token will cease on the deadline. Notably, the corresponding trading pairs include BOND/BTC, BOND/USDT, DOCK/BTC, DOCK/USDT, MDX/USDT, and POLS/USDT. Once trading ceases, all open trade orders will be removed automatically.

Also, users will no longer be able to view the token valuation in their wallet after July 22. What is more, Binance will stop deposits for these tokens from July 23 and any token deposited after this date will not be credited to the wallet. Withdrawals of the affected tokens will continue until October 22.

Binance pointed out that users ‘may’ get an automatic conversion into stablecoins after October 23 at 03:00 (UTC), however, this is not guaranteed so users are advised to take proactive measures and adjust their portfolios to avoid losses.

Binance to Remove the Coins From Other Services

Meanwhile, Binance also noted that the affected coins will be removed across other services. Notably, Binance Simple Earn will delist the above tokens on July 19 at 03:00 (UTC). Flexible Product positions that are not redeemed before the deadline will be automatically redeemed and moved to the users’ Spot Wallets.

Also, Binance Auto-Invest will delist the tokens on July 15 at 03:00 (UTC). After this date, the next recurring cycle of the affected coins will fail, thus users are advised to remove the plans before time. VIP Loans will close all loan positions on July 17. Additionally, the Binance Funding Rate Arbitrage Bot will end all arbitrage strategies and automatically settle the BOND/USDT symbol.

Other services to be discontinued include Binance Margin, Portfolio Margin, Binance Convert, Binance Buy & Sell Crypto, Binance Gift Card, Binance Pay, and Trading Bots services. Please check the detailed announcement to see the complete dates of removals.