Binance has sparked market discussions with its latest move to delist five tokens from its platform. This has raised market concerns over a potential crash of the tokens in the coming days. According to the announcement, the crypto on the list are AERGO, AirSwap (AST), BurgerCities (BURGER), Combo (COMBO), and Linear Finance (LINA).
Binance To Remove These Cryptocurrencies; Here’s Why
Binance recently announced to delist AERGO, AirSwap (AST), BurgerCities (BURGER), Combo (COMBO), and Linear Finance (LINA) from its platform, sparking market concerns. Notably, the leading exchanges often have great influence in the market and any major announcement from them could impact the asset’s prices.
For context, the exchange has recently extended its support for Broccoli and other cryptocurrencies. Following its announcement, all the crypto prices have skyrocketed, reflecting the heavy influence of the exchange. Considering that, the latest delisting announcement could trigger a widespread selloff of the mentioned tokens.
Meanwhile, the crypto exchange said that it often conducts periodic evaluations to ensure compliance with industry standards. Failing to meet the criteria results in the delisting of the tokens. The exchange mentioned several aspects behind its delisting decision like project commitment, trading liquidity, regulatory concerns, and security risks.
A Closer Look Into The Binance Announcement
The exchange will halt trading for AERGO, AST, BURGER, COMBO, and LINA starting March 28 at 03:00 UTC. Several key services, including futures contracts, margin trading, and staking options, will be stopped before the official removal date. Notably:
Binance Futures will close all positions and conduct an automatic settlement for AERGOUSDT, COMBOUSDT, and LINAUSDT perpetual contracts on March 27 at 09:00 UTC.
Margin Trading for the affected tokens will be disabled from March 26 at 06:00 UTC, with users advised to close positions before liquidation.
Deposits of these tokens will not be credited after March 29, and withdrawals will be unsupported after May 27.
In addition, the exchange said that it will introduce a Vote to Delist feature, allowing the community to have a say in future delisting decisions. However, the current batch of delisted tokens will not be part of this initiative.
How These Five Tokens Are Performing?
AERGO price was down more than 6% to $0.06845 following the Binance announcement, with its trading volume soaring 43% to $30.46 million. On the other hand, AST price plunged about 28% to $0.03375 with its one-day volume rocketing 88% to $5.25 million.
Simultaneously, BURGER price retreated 48% to $0.1127 while COMBO price declined 20%. Linear Finance price also recorded a slump of over 32%, indicating the waning market interest in the tokens.
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