Binance Delists 4 Cryptocurrencies

Binance has announced the delisting of 4 digital cryptocurrencies for privacy reasons and falling to meet Binance standard.

The top cryptocurrency exchange in the world, Binance has recently announced that it will be delisting four different digital currencies. These currencies are Monero (XMR), Multichain (MULTI), Vai (VAI), and Aragon (ANT).

The decision was made to remove these tokens from the platform as part of its ongoing process of conducting periodic reviews. According to the most recent notification, the delisting procedure will go into force on February 20, 2024, at 3am in the morning.

When this occurs all trading pairs connected with these tokens will no longer be available for trade. These trading pairs include ANT/BTC, ANT/USDT, MULTI/USDT, USDT/VAI, XMR/BNB, XMR/BTC, XMR/ETH, and XMR/USDT.

User accounts will not receive acknowledgment for deposits of these tokens until the 21st of February in the year 2024. Additionally, withdrawals for these tokens will no longer be supported after May 20, 2024. A thorough analysis of a variety of variables led the Crypto Exchange to decide to remove these tokens from its list of supported cryptocurrencies.

A few examples of these are the dedication of the project teams, the amount of development activity, the volume of trade, the reliability of the network, the contact with the public, the responsiveness to requests for due diligence, and the contribution to a robust cryptocurrency ecosystem.

The decision-making process takes into account any demonstrated proof of unethical behavior or negligence. Regulatory organizations have examined Monero due to concerns that it could be used in illegal operations, given its privacy features.

This very feature has prompted worries among authorities regarding its potential for use in money laundering and other criminal operations, although it allows users to remain anonymous. Regarding development activity, trading volume, and network stability, Multichain, Vai, and Aragon have also failed to meet Binance’s standards.

While they are not as widely recognized as Monero, these three cryptocurrencies failed to meet Binance’s standards. Through the delisting of these tokens, the cryptocurrency exchange has demonstrated its dedication to preserving a trustworthy trading environment for its users.

In addition to the delisting of Monero, Multichain, Vai and Aragon trading pairs from the spot market, the crypto exchange will also remove these pairs from its margin trading platform, futures trading, and numerous other services.

This category includes Binance Margin, Binance Futures, Binance Simple Earn, Binance Auto-Invest, Binance Loans, Binance Convert, Binance Gift Card, Binance Pay, and Trading Bots. The CEX ensures proper protection of its consumers’ funds despite the delisting.

The CEX will automatically convert any leftover balances of delisted tokens into stablecoins on behalf of users. This will take place automatically. However, users will be informed before the transformation process begins, as it is important to note that the conversion is not guaranteed.

Upon completion of the conversion, the system will credit the stablecoins to the user accounts. Due to the notice of the cryptocurrency delisting, users should promptly close any open positions and withdraw their assets from the indicated trading pairs.

To minimize potential losses, customers should manage any linked goods, such as Simple Earn, Auto-Invest, Loans, Margin, Futures, Convert, Gift Cards, Pay, and Trading Bots, before the established deadlines.