Outside Source
TL;DR
- Binance Delisting Announcement: Binance will delist BitShares, PERL.eco, Tornado Cash, and Waltonchain on December 7 due to factors like low activity and unethical conduct, impacting their market performance.
- Price Impact: Following the announcement, Waltonchain, Tornado Cash, and PERL.eco experienced steep price declines of up to 45%.
- Contextual Developments: This move follows Binance’s recent delisting of ten trading pairs and significant organizational changes, including discontinuing BUSD support and a $4.3 billion settlement with the US DOJ, coupled with a change in CEO.
Binance’s Latest Delisting Efforts
The world’s largest cryptocurrency exchange by trading volume – Binance – announced it will delist BitShares (BTS), PERL.eco (PERL), Tornado Cash (TORN), and Waltonchain (WTC) from its platform.
The amendment will become live on December 7, with the exact trading pairs being removed: BTS/USDT, PERL/USDT, TORN/BUSD, WTC/BTC, and WTC/USDT.
The reason behind the delisting seems to be a variety of factors, such as reduced level of development activity, low trading volume and liquidity, evidence of unethical/fraudulent conduct or negligence, and others.
The disclosure has negatively harmed the prices of the aforementioned crypto assets, with some experiencing double-digit declines. WTC has plunged by 35% for the past 24 hours (per CoinGecko’s data), TORN has dropped by 40%, while PERL has collapsed by 45%.
The Previous Removal
Last week, Binance delisted ten spot trading pairs, including APT/BUSD, AXS/BUSD, FIL/BUSD, and USTC/BUSD. The marketplace did not provide an exact reason for the move, saying it periodically reviews trading pairs and removes some of them due to “poor liquidity and trading volume.”
It is worth noting that all of the removed are BUSD trading pairs, with the company previously revealing it will discontinue support for the stablecoin at the beginning of 2024. It has advised customers to convert their BUSD holdings to other assets prior to February 2024.
The delisting came a few days after Binance agreed to settle money-laundering charges with the US DOJ and pay a whopping $4.3 billion fine. On top of that, the former CEO, Changpeng Zhao, resigned from his post and was replaced by Richard Teng.
This article first appeared at CryptoPotato
