Binance delists six tokens including Hashflow and PIVX as crypto winter weighs
- Binance will delist six tokens, including ACX, HFT, PIVX, PYR, VANRY and VIC, starting August 10.
- The exchange plans to terminate spot and bot trading for the affected tokens on August 17.
- The Binance team said it conducts periodic reviews of listed assets, ensuring strict adherence to set standards.
Binance, the largest cryptocurrency exchange by volume, has announced a scheduled delisting of six cryptocurrency tokens, including Across Protocol (ACX), Hashflow (HFT), PIVX (PIVX), Vulcan Forged PYR (PYR), Vanar (VANRY) and Viction (VIC) in August.
Binance to halt deposits, withdrawals and trading
Spot trading of all six tokens will be terminated, with all orders automatically removed. Bot trading will also cease where applicable. Binance has advised users to adjust their trading bots before the trade cancellation on August 17 to avoid any potential losses.
Users on Binance copy trading will also be affected by the delisting, with outstanding assets sold forcefully at market price or transferred to spot accounts.
Deposits across all affected tokens will not be credited to the respective user accounts after August 18, while withdrawals will not be supported beyond August 17.
The Binance team added that delisted tokens are likely to be converted to stablecoins but are not guaranteed.
“A separate notification will be made before the conversion where applicable, and the stablecoins will be credited to users’ Binance accounts after the conversion,” Binance advised.
As for derivatives, Binance Futures will terminate all positions and automatically settle active orders across the six delisted tokens on Friday. The respective token contracts will be delisted after settlement is completed. No new orders will be supported after Friday.
“Users are advised to close any open positions prior to the delisting time to avoid automatic settlement. Users are not allowed to open new positions for the contracts of the,” Binance stated.
Binance will also be closing other related services, including the funding rate arbitrage bot, simple earn, dual investment, mining pool, loan and margin.
Although the Vanar project team has scheduled a contract swap event, Binance advised users to proceed with the process via the official migration portal. Binance will not handle the token swap. That said, the exchange is committed to keeping VANRY withdrawals open via the Ethereum (ERC20) and POS networks.
Binance has ramped up token delisting in recent months, reflecting increasing pressure amid the crypto bear market. Smaller tokens appear to be struggling to maintain the required standards and requirements to sustain their listing, especially on liquidity and trading volume.
Binance periodic product reviews
The Binance team highlighted in the announcement on Monday that the delisting is a result of a periodic review to ensure that every project listed on the platform continues to meet the set standards and industry requirements.
The team’s commitment to the project, quality of development activity, trading volume, liquidity, network safety from attacks and emerging regulations are some of the factors the exchange considers when conducting the reviews.
Bitcoin, altcoins, stablecoins FAQs
Bitcoin is the largest cryptocurrency by market capitalization, a virtual currency designed to serve as money. This form of payment cannot be controlled by any one person, group, or entity, which eliminates the need for third-party participation during financial transactions.
Altcoins are any cryptocurrency apart from Bitcoin, but some also regard Ethereum as a non-altcoin because it is from these two cryptocurrencies that forking happens. If this is true, then Litecoin is the first altcoin, forked from the Bitcoin protocol and, therefore, an “improved” version of it.
Stablecoins are cryptocurrencies designed to have a stable price, with their value backed by a reserve of the asset it represents. To achieve this, the value of any one stablecoin is pegged to a commodity or financial instrument, such as the US Dollar (USD), with its supply regulated by an algorithm or demand. The main goal of stablecoins is to provide an on/off-ramp for investors willing to trade and invest in cryptocurrencies. Stablecoins also allow investors to store value since cryptocurrencies, in general, are subject to volatility.
Bitcoin dominance is the ratio of Bitcoin's market capitalization to the total market capitalization of all cryptocurrencies combined. It provides a clear picture of Bitcoin’s interest among investors. A high BTC dominance typically happens before and during a bull run, in which investors resort to investing in relatively stable and high market capitalization cryptocurrency like Bitcoin. A drop in BTC dominance usually means that investors are moving their capital and/or profits to altcoins in a quest for higher returns, which usually triggers an explosion of altcoin rallies.
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