On March 21, 2025, Binance will launch the first "Vote to Delist" activity, allowing users to vote on projects marked with a "monitoring label" to decide whether to delist them. Users must hold at least 0.01 BNB and can vote for up to 5 projects during the voting period. The voting results are not the sole basis for the final decision; Binance will make the final decision after reviewing multiple factors such as team commitments, development activity, trading volume, liquidity, and security.

This voting delisting mechanism aims to enhance community participation but has also raised concerns about the risk of market manipulation. Binance attempts to find a balance between community autonomy and centralized review through low thresholds and strict rules. However, some users worry that the voting results may be manipulated by a few large holders or project parties, leading to unfair delisting decisions.

Overall, Binance's voting delisting mechanism is an innovative attempt at its governance model, but the actual effects still need to be observed.