Binance to Delist 6 Altcoins: Action Required by August 26, 2024

Binance, one of the world’s largest crypto exchanges, has announced the delisting of six altcoins: Loom Network (LOOM), Reef (REEF), PowerPool (CVP), Ellipsis (EPX), ForTube (FOR), and VGX Token (VGX). These tokens experienced sharp declines in value, dropping by double digits immediately following the announcement.

Users Must Take Action Before Delisting

Effective August 26, 2024, at 03:00 UTC, Binance will remove all spot trading pairs for these tokens. The affected pairs include:

• LOOM/BTC
• LOOM/TRY
• LOOM/USDT
• REEF/TRY
• REEF/USDT
• CVP/USDT
• EPX/USDT
• FOR/BTC
• FOR/USDT
• VGX/USDT

All existing trade orders will be automatically canceled. Deposits for these tokens won’t be credited after August 27, 2024, and withdrawals will be allowed until November 26, 2024. After this date, any remaining tokens may be converted to stablecoins.

Binance’s Review Process

Binance conducts periodic reviews to evaluate several factors, including team commitment, development activity quality, trading volume, liquidity, network safety, stability, public communication, responsiveness to due diligence requests, and compliance with regulatory requirements.

“When a coin or token no longer meets these standards or the industry landscape changes, we conduct a more in-depth review and potentially delist it.” Binance explained.