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Binance to delist these coins on Dec 7th – What can you shift trade to?

TL;DR

  • On December 7th, Binance will delist BitShares, PERL.eco, Tornado Cash, and Waltonchain as a result of their market performance being adversely affected by factors such as low activity and unethical conduct.
  • The exact trading pairs being removed are BTS/USDT, PERL/USDT, TORN/BUSD, WTC/BTC, and WTC/USDT.
  • After 2023-12-08 03:00 (UTC), deposits of these tokens will not be credited to your account. After 2024-03-07 03:00 (UTC), delisted tokens can be converted into stablecoins on behalf of users.

Binance, the world’s largest cryptocurrency exchange by trading volume, has stated that BitShares (BTS), PERL.eco (PERL), Tornado Cash (TORN), and Waltonchain (WTC) will be removed from its platform. 

The following trading pairs will be deleted when the amendment goes into effect on December 7: BTS/USDT, PERL/USDT, TORN/BUSD, WTC/BTC, and WTC/USDT.

Binance’s ‘market cleansing’ portfolio for December 2023

Binance writes to its users, “At Binance, we periodically review each digital asset we list to ensure that it continues to meet the high level of standard we expect. When a coin or token no longer meets this standard, or the industry changes, we conduct a more in-depth review and potentially delist it. We believe this best protects all our users.”

The delisting appears to be the result of a number of factors, including decreased development activity, low trading volume, and liquidity, evidence of unethical/fraudulent conduct or negligence, and others. 

The announcement has harmed the prices of the aforementioned crypto assets, with several falling by double digits. WTC has plummeted 35% in the last 24 hours, TORN has dropped 40%, and PERL has dropped 45%. Here are the market prices at the time of writing:

Waltonchain (WTC) is currently trading at $0.110246 with a 24-hour trading volume of $14,747,669.94, according to CoinGecko. This indicates a -33.89% drop in the last 24 hours and a -33.20% drop in the last 7 days. 

BitShares (BTS) is currently trading at $0.00655862 with a 24-hour trading volume of $10,272,107.99. This indicates a -39.31% drop in the last 24 hours and a -40.09% drop in the last 7 days. 

Today’s PERL.eco (PERL) price is $0.00956272, with a 24-hour trading volume of $10,196,043.04. This indicates a -45.58% drop in the last 24 hours and a -48.31% drop in the previous 7 days. 

Tornado Cash (TORN) is currently worth $2.10, a -3.8% decrease from an hour ago and a -42.1% decrease from yesterday. TORN is currently worth -43.5% less than it was 7 days ago. The total volume of Tornado Cash moved in the last 24 hours was $7,482,370.

The list of other delisted coins

Binance delisted ten spot trading pairs, including APT/BUSD, AXS/BUSD, FIL/BUSD, and USTC/BUSD, last week. The marketplace did not specify the reason for the change, only that it examines trading pairs on a regular basis and removes some of them owing to “poor liquidity and trading volume.”

It is worth noting that all of the deleted trading pairings are BUSD, with the exchange previously stating that support for the stablecoin will be discontinued at the beginning of 2024. Customers have been encouraged to change their BUSD holdings to other assets before February 2024.

The delisting took place just days after Binance agreed to settle money-laundering accusations with the US DOJ and pay a hefty $4.3 billion penalty. In addition, the former CEO, Changpeng Zhao, resigned and was replaced by Richard Teng.

December coin unlocks – Should you invest?

In December, around $750 million in vested digital assets are slated to be unlocked and released into the markets. Note that it’s up to you to decide which coins to invest or not to invest in.

Among the projects releasing locked tokens, the decentralized exchange dYdX will release the most. In December, the exchange is anticipated to unlock 150 million tokens vested for investors, founders, and workers. At current market levels, the tokens are worth over $500 million.

Aside from dYdX, other projects are also planning to unlock their hold on token allocations very soon. According to token data tracker Token Unlocks, Ethereum layer-2 network Optimism is also set to unlock 24 million Optimism (OP) tokens, valued at around $41 million, on Nov. 30. 

In addition to dYdX and Optimism, the decentralized financial system 1inch Network will issue around 98 million 1inch (1INCH) tokens on December 1. At the time of writing, the tokens were worth approximately $33 million.

Additionally, Aptos, a proof-of-stake blockchain project, will be one of the projects releasing a large quantity of tokens in December. According to Token Unlocks data, Aptos will unlock approximately 25 million Aptos tokens valued at nearly $180 million on December 12.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decision.

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Florence Muchai

Florence is a crypto enthusiast and writer who loves to travel. As a digital nomad, she explores the transformative power of blockchain technology. Her writing reflects the limitless possibilities for humanity to connect and grow.

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