The world’s largest cryptocurrency exchange Binance announced that it will delist 3 altcoins from spot trading.
Binance made an official announcement on Wednesday, March 20 and revealed that they will delist DREP (DREP), Mobilecoin (MOB), and pNetwork (PNT) cryptocurrencies from spot trading.
Binance stated that they regularly review every listed asset and if some fail to meet the standard, they are delisted. This is emphasized as a way to protect users effectively.
The reviewed rules include the team’s commitment to the project, development activities, trading volume and liquidity, network security, the power of the smart contract, and the team’s communication with investors.
With this delisting process, DREP/BTC, DREP/USDT, MOB/BTC, MOB/USDT, and PNT/USDT trading pairs will be terminated from spot trading and trading will be halted as of April 3 at 06:00 AM.
Binance also mentioned that tokens deposited after April 4 will not be credited to the account and withdrawals can be made until July 3. Altcoins that are not withdrawn from the exchange by this date will be automatically converted to a stablecoin.
Binance stated that assets can be withdrawn until March 7, 2024 and advised users to withdraw their assets earlier.
Related altcoins will be removed from Binance margin trading on March 28 at 09:00, from Binance Auto-Invest service on March 26, from gift card service on April 3, and from Binance Pay and trading bots on April 1.
Binance announcement caused a crash in altcoins
Following Binance’s delisting announcement, altcoins experienced a significant drop. DREP fell to $0.224 with a nearly 32% decline, MOB dropped to $0.1297 with a 57% decrease, and PNT decreased to $0.0901 with a 50% drop.
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