Binance, the world's leading cryptocurrency exchange, has announced the delisting of four digital currencies, including Monero (XMR), Multichain (MULTI), VAI (VAI), and Aragon (ANT). The decision to remove these tokens from the platform is made as part of Binance's regular review process.
According to the latest announcement, the delisting process is scheduled to take effect on February 20, 2024 at 3:00 a.m. UTC. Along with this, all trading pairs associated with these tokens including ANT/BTC, ANT/USDT, MULTI/USDT, USDT/VAI, XMR/BNB, XMR/BTC, XMR/ETH, XMR/USDT It will no longer be available. For trading. Additionally, deposits of these tokens will no longer be credited to user accounts after February 21, 2024. Additionally, withdrawals of these tokens will no longer be supported after May 20, 2024.
Why did Binance decide to delist Monero, Multichain, Vai, and Aragon?
Binance’s decision to delist these tokens is guided by a comprehensive evaluation of various factors. These include project team commitments, development activities, trading volumes, network stability, public communications, meeting due diligence requests, and contributing to a healthy crypto ecosystem. Evidence of unethical behavior or negligence will also be considered in the decision-making process.
Monero is known for its privacy features, but it faces regulatory scrutiny because it can be used for illegal activities. While providing anonymity to users, this feature itself has raised concerns among authorities that it can be easily used for money laundering and other illegal transactions.
Multichain, Vai, and Aragon are also not as widely recognized as Monero, but they do not meet Binance's standards in terms of development activity, trading volume, and network stability. The delisting of these tokens underscores the cryptocurrency exchange's commitment to maintaining a trustworthy trading environment for its users.
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Impact of delisting
In addition to delisting Monero, Multichain, Vai, and Aragon trading pairs from the spot market, Binance will also remove these pairs from its margin trading platform, futures trading, and various other services. This includes Binance Margin, Binance Futures, Binance Simple Earn, Binance Auto-Invest, Binance Loans, Binance Convert, Binance Gift Cards, Binance Pay, and Trading Bots.
Despite the delisting, CEX ensures that users' funds are protected. Remaining balances of delisted tokens will be automatically converted to stablecoins on behalf of users. However, it is important to note that conversion is not guaranteed and the user will be notified before the process begins. The stablecoin will be credited to the user account after conversion.
Following the delisting announcement, users are advised to close all open positions in the above trading pairs and withdraw their assets. Additionally, we recommend that you manage related products such as Simple Earn, Auto-Invest, Loans, Margin, Futures, Convert, Gift Cards, Pay, Trading Bots, etc. by the stipulated deadline to avoid potential losses. Masu.
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