Binance plans to remove several tokens from their listings on Feb. 24 after a periodic review reveals they no longer meet the required standards.
In a recent notice to traders, the major crypto exchange declared that it will be removing five tokens from its listings, these include AirDAO, Clover Finance, StormX, and Vite. The decision to delist them comes after Binance’s periodic digital asset review of the tokens.
“When a coin or token no longer meets these standards or the industry landscape changes, we conduct a more in-depth review and potentially delist it,” explained the exchange in a statement.
The four tokens will be removed from Binance listings on Feb. 24 at 03:00 UTC. By then, trading pairs associated with the tokens will also be removed, including AMB/USDT, CLV/BTC, CLV/USDT, STMX/TRY, STMX/USDT, and VITE/USDT.
Deposits and withdrawals for the aforementioned tokens will cease after Feb. 25 at 3:00 UTC. However, Binance does give users some hope that the delisted tokens still held within wallets might potentially be converted into stablecoins after April 25 at 03:00 UTC.
On the other hand, Binance Funding Rate Arbitrage Bot will close all arbitrage strategies and conduct an automatic settlement on the AMBUSDT and STMXUSDT symbols on Feb. 20 at 05:30 UTC.
After the news of the token delisting broke, all four tokens experienced a downturn in value. VITE experienced the worst fall, dropping by nearly 45% mere minutes after the Binance delisting announcement was published. Vite platform’s native token is currently trading hands at around $0.0045.
Similarly, AirDao also experienced a sharp drop after the delisting notice. The token has fallen by 37% to $0.0025 in the past 24 hours. In the past month, AMB has gone down by more than 60%.
Last year, AirDAO fell victim to a hacker attack which resulted in a loss amounting to 126.5 ETH and 41.61 million AMB tokens. The stolen funds were later transferred into several exchanges including MEXC, KuCoin, and Binance.
Clover Finance’s token, CLV, saw a decreased of more than 12.3% following the notice. It is currently trading hands at $0.0417. Meanwhile, STMX dipped by only 6.5% after it was delisted from the exchange.
According to CoinGecko, Binance is the largest contributor in trading volume for all four soon-to-be-delisted coins, making up more than 72% of all trading activity for AirDAO and Vite.
