- Binance will remove CVP, EPX, FOR, LOOM, REEF, and VGX tokens from all spot trading pairs on August 26, 2024.
- Users must redeem or transfer their assets from Binance wallets before August 26, 2024, to prevent losses due to delisting.
- Binance services like Simple Earn, Auto-Invest, and Margin trading will be impacted by the upcoming token delisting.
Binance has announced that it will delist six tokens from its platform on August 26, 2024, at 11:00 UTC+8. The affected tokens include PowerPool (CVP), Ellipsis (EPX), ForTube (FOR), Loom Network (LOOM), Reef (REEF), and VGX Token (VGX).
The delisting will impact all associated spot trading pairs, including CVP/USDT, EPX/USDT, FOR/BTC, FOR/USDT, LOOM/BTC, LOOM/TRY, LOOM/USDT, REEF/TRY, REEF/USDT, and VGX/USDT. Binance users should prepare for the removal of these tokens from their wallets and trading platforms, with all orders automatically canceled after trading ceases.
Impact on Trading and Wallets
Users need to take immediate action regarding these tokens. The valuation of the delisted tokens will no longer appear in wallets post-delisting. To view assets after trading stops, users should ensure that “Hide Small Balances” is not selected in their wallets.
Deposits of these tokens made after August 27, 2024, at 03:00 UTC will not be credited, and withdrawals will cease after November 26, 2024, at 03:00 UTC. Binance indicates that while delisted tokens might be converted into stablecoins on behalf of users, this is not guaranteed, and further communication will be provided where applicable.
Margin, Loans, and Trading Bots Affected
The delisting will also affect several Binance services, including Simple Earn, Auto-Invest, Margin trading, and Loans. Notably, Simple Earn will automatically redeem Flexible and Locked Products positions, transferring them to users’ Spot Wallets with accrued rewards.
For margin trading, users are urged to repay loans by August 20, 2024, at 06:00 UTC, as margin trading on these tokens will close. Outstanding positions will be settled automatically, and any remaining assets will be transferred to Spot Wallets. Binance has also announced the closure of the Funding Rate Arbitrage Bot strategies for LOOM/USDT and REEF/USDT on August 19, 2024, at 06:00 UTC.
Final Notices and Further Delisting Actions
Further actions include Binance Convert’s Sell-only function, which will remain active until August 26, 2024, at 02:00 UTC, and the delisting of the tokens from Binance Buy & Sell Crypto and Binance Pay services on August 21, 2024, at 03:00 UTC.
Users are encouraged to manage their assets in anticipation of these changes to avoid any potential losses or inconveniences. Portfolio Margin users should monitor their Margin Wallet balances closely to prevent liquidation due to the delisting. Binance will not be responsible for any potential losses during this period, underscoring the importance of timely action by users.
The delisting decision stems from Binance’s commitment to maintaining a high standard for its listed digital assets, considering factors like development activity, trading volume, network stability, and regulatory requirements.
DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
