Binance Announces Removal of REEF & Other Spot Pairs

Binance has announced the delisting of several crypto tokens from its platform. This is set to take effect on August 26, 2024. This decision affects six tokens across multiple trading pairs, signaling a major shift in their asset offerings.

Binance Spot Pairs Delisting

The Titan crypto exchange has announced a significant update to its trading offerings. On August 26, 2024, at 11:00 UTC+8, the platform will delist and cease trading for all spot trading pairs of six tokens.

This decision comes as part of the exchange’s regular review process, which aims to ensure that all listed digital assets continue to meet the exchange’s high standards and comply with evolving industry requirements. The specific trading pairs slated for removal include CVP/USDT, EPX/USDT, FOR/BTC, FOR/USDT, LOOM/BTC, LOOM/TRY, LOOM/USDT, REEF/TRY, REEF/USDT, and VGX/USDT.

After August 26, all trade orders in the affected pairs will be automatically removed from the order books. Users are advised that deposits of these tokens will not be credited to their accounts after August 27, 2024, at 03:00 UTC.

Furthermore, withdrawal support for these tokens will be discontinued after November 26, 2024, at 03:00 UTC. In a move that may provide some relief to token holders, Binance has indicated the possibility of converting delisted tokens into stablecoins on behalf of users after November 27, 2024.

The implications of Binance delisting extend far beyond spot trading, affecting various products and services. Binance Simple Earn will delist the affected tokens after August 22, 2024, with automatic redemption of Flexible and Locked Products positions. The auto-invest feature for these tokens will be discontinued after August 20, 2024.

Binance Loans and VIP Loan services involving LOOM, REEF, and EPX will close all outstanding loan positions by August 20, 2024. The exchange strongly advises users to repay any outstanding loans before this date to avoid potential losses. Also, the exchange Funding Rate Arbitrage Bot will cease operations for LOOM/USDT and REEF/USDT pairs on August 19, 2024.

It’s important to note that while this delisting affects a wide range of their services, the USDⓈ-M LOOMUSDT and REEFUSDT Perpetual Contracts trading will continue unaffected. This distinction highlights the complex ecosystem of cryptocurrency trading products and the nuanced approach exchanges must take when managing their offerings.

Market Impact on Affected Spot Pairs

The announcement of the delisting has had immediate and significant effects on the prices of the affected tokens, illustrating the substantial influence that major exchanges like Binance delisting processes can have on cryptocurrency valuations.

Reef (REEF) has experienced a sharp decline, with its price dropping to $0.0008747, representing a substantial 25.15% decrease in the last 24 hours and a 6.82% decline over the past week. With a circulating supply of 23 billion REEF, the token’s market capitalization has shrunk to $20,084,562, reflecting the market’s swift reaction to the news.

Loom Network (LOOM) has also felt the impact, with its price falling to $0.0465, marking a 14.47% decrease in the last 24 hours. Interestingly, LOOM has managed to maintain a 4.58% increase over the past week, suggesting some resilience or potential speculative activity in anticipation of the delisting. With a circulating supply of 1.2 billion LOOM, the token’s market cap stands at $57,165,372.

ForTube (FOR) has been hit particularly hard, with its price plummeting to $0.00903, representing a staggering 39.11% decline in the last 24 hours and a 30.04% drop over the past week. The token’s market capitalization has dwindled to $5,088,926, based on a circulating supply of 560 million FOR.

These significant price movements highlight the volatile nature of cryptocurrency markets and the substantial impact that listing decisions by major exchanges can have on token valuations.