Binance To Delist SNM, SRM & YFII
Binance, in its periodic review process for listed digital assets has decided to delist several tokens from its platform. The cryptocurrency exchange platform, known for its rigorous standards, aims to maintain a high level of quality and security for its users. This move is in line with Binance’s commitment to providing a healthy and sustainable crypto ecosystem.
#Binance will delist $SNM, $SRM and $YFII on August 22 at 03:00 UTC.https://t.co/qEYLeqjkXC
— Binance (@binance) August 15, 2023
Token Delist
Based on the latest reviews, Binance has made the decision to delist and cease trading on all trading pairs for three specific tokens: Sonm (SNM), Serum (SRM), and DFI.Money (YFII). The trading pairs affected include SNM/BTC, SNM/BUSD, SRM/BUSD, and YFII/USDT. All trade orders associated with the pairs will be automatically removed after trading comes to a halt, Binance stated.
When assessing whether a digital asset should be delisted, Binance takes various factors into consideration. These factors include the project team’s dedication, development activity quality, trading volume, network stability, smart contract reliability, communication level with the public, responsiveness to due diligence requests, and the asset’s contribution to the overall crypto ecosystem. The decision to delist tokens is made to protect users and uphold industry standards.
Token Transition Guidelines
For users holding these tokens, it’s important to note that deposits made after August 23, 2023, will not be credited to their accounts. Additionally, withdrawals of these delisted tokens from Binance will not be supported after November 22, 2023. Binance plans to convert the delisted tokens into stablecoins on behalf of users after November 22, 2023, with the proceeds being credited to their Binance accounts.
Read More: Ex-SEC Chief: No Approval For Spot Bitcoin ETF
Various Binance services will also be affected by the delisting. Binance Simple Earn, Binance Loans (Flexible Rate), Binance Gift Card, and Binance Pay will all discontinue support for the tokens mentioned above, with specific deadlines provided for each service. Users are encouraged to act accordingly to avoid any inconveniences or potential losses. Binance stated it remains dedicated to upholding its standards and contributing to the overall health and sustainability of the crypto ecosystem. Users are advised to stay informed about these changes and take appropriate actions to manage their assets before the indicated deadlines.
