Binance's decision to delist these currencies results from its periodic review of assets on its platform, according to the platform's announcement. Key factors considered during the review included the project's team commitment, development progress, trading volume, network security, community participation, regulatory compliance, and others.
The platform explained: 'When a coin or token does not meet these criteria or the industry landscape changes, we conduct a more in-depth review and may delist it. Our priority is to ensure the best services and protection for our users while continuing to adapt to evolving market dynamics.'
Deposits for ALPHA, BSW, KMD, LEVER, and LTO will stop on July 5 at 3:00 AM (UTC). Withdrawals will cease on September 3. Additionally, Binance services such as Simple Earn, Dual Investment, and gift cards will stop supporting these currencies.
It is worth noting that while spot trading services for these currencies will cease, futures trading will remain unaffected.
The trading contracts for the mentioned currencies will not be affected, and users can continue trading. To protect users and prevent potential risks in extremely volatile market conditions, Binance Futures may take additional precautionary measures regarding the aforementioned currency contracts without any further announcements, according to the platform.
The announcement of the delisting triggered significant market volatility, with the greatest impact on the currencies LTO and KMD. The latter experienced its largest drop, with its price falling by 50%. Although it recovered from its low of $0.041 to $0.068 in recent hours, its price remained down by 17%.
It was followed by low-value digital currencies (LTOs) with a price drop of 42.8%. After declining by 82.8% over the past year, the digital currency slightly recovered and reduced its losses, dropping by 15.4% in the past hour.
Performance of ALPHA, BSW, KMD, LEVER, and LTO prices
Meanwhile, the currencies ALPHA and BSW have seen relatively smaller declines, albeit with double-digit percentages of 17.6% and 15% respectively. LEVER was the least affected currency, experiencing a more modest decline of 7.8%.
Nonetheless, their recovery was notable, as they quickly compensated for their losses. Prices of ALPHA, BSW, and LEVER rose by 14.7%, 28.6%, and 8.6% respectively.
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