Now the Binance user community votes to decide whether a certain cryptocurrency should be removed (delisted) from the platform.
Here is a summary of how it works:
Reasons for delisting
- Low trading volume
- Security or fraud issues
- Non-compliance with rules and regulations
- Other reasons
Voting process
1. *Selection of the cryptocurrency*: Binance selects a cryptocurrency for voting based on criteria such as trading volume, liquidity, and compliance with rules.
2. *Announcement of the vote*: Binance announces the vote on its platform and on social media.
3. *Voting*: Binance users vote on whether the cryptocurrency should be delisted or not.
4. *Result*: Binance announces the result of the vote and decides whether the cryptocurrency will be delisted based on the outcome.
Consequences of delisting
- The cryptocurrency will no longer be available for trading on Binance
- Users will no longer be able to deposit or withdraw the cryptocurrency
- The cryptocurrency may lose value due to reduced liquidity and visibility
The delisting of a cryptocurrency can have significant consequences for users and investors. It is important for users to be aware of the reasons and consequences of delisting before voting.