Binance will delist 14 tokens from its platform on Apr. 16, following the results of its first batch of the “Vote to Delist” initiative.
The tokens being delisted include BADGER, BAL, BETA, CREAM, CTXC, ELF, FIRO, HARD, NULS, PROS, SNT, TROY, UFT, and VIDT. In an announcement made on Apr. 8, Binance explained that the delisting follows both internal reviews and the results of a community vote.
Over 103,000 votes were cast by more than 24,000 participants, and after filtering out ineligible votes, around 93,000 votes were validated. To be eligible to vote, users had to hold at least 0.01 Binance Coin (BNB).
Low trading volumes, a lack of project development, a lack of community involvement, and non-compliance with the platform’s internal or regulatory standards are some of the reasons provided by Binance for the delistings. The exchange pointed out that tokens that were not delisted in this round might still be removed later on if they don’t satisfy the requirements.
All trading pairs for the 14 impacted tokens will be removed at 03:00 UTC on Apr. 16, and deposits for the tokens will be suspended. However, users will still be able to withdraw these tokens until June 9, after which any remaining balances may be converted into stablecoins.
This action follows Binance’s Mar. 31 delisting of Tether (USDT) spot trading pairs in the European Economic Area to comply with the newly enacted Markets in Crypto-Assets regulations. MiCA aims to improve oversight and accountability over digital assets within the EU by requiring exchanges to delist tokens that don’t meet specific compliance standards.
Exchanges need to demonstrate that they meet guidelines for enhanced security, transparency, and compliance with anti-money laundering regulations. The increased regulatory pressure has forced exchanges to be more selective about which tokens they support in the region.
