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Breaking News: Bitcoin, XRP, Ethereum Dip Post Fed's Rate Cut: What’s Next For Crypto?

Binance To Delist These Three Tokens In August Due To Non-Compliance

Semilore Faleti
Semilore Faleti
Last Updated: June 11, 2024 2:39 pm
3 mins read
Binance

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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. 

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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

SNM trading at $0.0597 on the daily chart | Source: SNM/USDT chart on Tradingview.com

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.

Dear Biswappers,

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. 

Related Reading: Bitcoin Price Key Indicators Suggest A Strong Case For More Losses

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.

Featured image from Reuters, chart from Tradingview.
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Semilore Faleti
Semilore Faleti

Semilore Faleti

Semilore Faleti is a cryptocurrency writer specialized in the field of journalism and content creation. While he started out writing on several subjects, Semilore soon found a knack for cracking down on the complexities and intricacies in the intriguing world of blockchains and cryptocurrency.

Read more

Semilore is drawn to the efficiency of digital assets in terms of storing, and transferring value. He is a staunch advocate for the adoption of cryptocurrency as he believes it can improve the digitalization and transparency of the existing financial systems.

In two years of active crypto writing, Semilore has covered multiple aspects of the digital asset space including blockchains, decentralized finance (DeFi), staking, non-fungible tokens (NFT), regulations and network upgrades among others.

In his early years, Semilore honed his skills as a content writer, curating educational articles that catered to a wide audience. His pieces were particularly valuable for individuals new to the crypto space, offering insightful explanations that demystified the world of digital currencies.

Semilore also curated pieces for veteran crypto users ensuring they were up to date with the latest blockchains, decentralized applications and network updates. This foundation in educational writing has continued to inform his work, ensuring that his current work remains accessible, accurate and informative.

Currently at NewsBTC, Semilore is dedicated to reporting the latest news on cryptocurrency price action, on-chain developments and whale activity. He also covers the latest token analysis and price predictions by top market experts thus providing readers with potentially insightful and actionable information.

Through his meticulous research and engaging writing style, Semilore strives to establish himself as a trusted source in the crypto journalism field to inform and educate his audience on the latest trends and developments in the rapidly evolving world of digital assets.

Outside his work, Semilore possesses other passions like all individuals. He is a big music fan with an interest in almost every genre. He can be described as a “music nomad” always ready to listen to new artists and explore new trends.

Semilore Faleti is also a strong advocate for social justice, preaching fairness, inclusivity, and equity. He actively promotes the engagement of issues centred around systemic inequalities and all forms of discrimination.

He also promotes political participation by all persons at all levels. He believes active contribution to governmental systems and policies is the fastest and most effective way to bring about permanent positive change in any society.

In conclusion, Semilore Faleti exemplifies the convergence of expertise, passion, and advocacy in the world of crypto journalism. He is a rare individual whose work in documenting the evolution of cryptocurrency will remain relevant for years to come.

His dedication to demystifying digital assets and advocating for their adoption, combined with his commitment to social justice and political engagement, positions him as a dynamic and influential voice in the industry.

Whether through his meticulous reporting at NewsBTC or his fervent promotion of fairness and equity, Semilore continues to inform, educate, and inspire his audience, striving for a more transparent and inclusive financial future.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

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