Binance Delists Six Altcoins, Including CVP, EPX, FOR, LOOM, REEF, and VGX

The world's largest cryptocurrency exchange periodically reviews each digital asset listed on its platform to ensure that it “continues to meet a high level of standard and industry requirements.”

Binance to Delist 6 Altcoins, Including PowerPool and Reef, on August 26

The world’s largest cryptocurrency exchange, Binance, announced on Monday that it will be suspending all services with six altcoins. Those are PowerPool (CVP), Ellipsis (EPX), ForTube (FOR), Loom Network (LOOM), Reef (REEF), and VGX Token (VGX).

The company’s decision follows the latest periodic reviews of each digital asset listed on its platform, which are conducted to ensure that the coins “continue to meet a high level of standard and industry requirements.”

“When a coin or token no longer meets these standards or the industry landscape changes, we conduct a more in-depth review and potentially delist it. Our priority is to ensure the best services and protections for our users while continuing to adapt to evolving market dynamics,” Binance explained.

The exchange takes into account a range of factors, including the commitment of the team to the project, level and quality of development activity, trading volume and liquidity, stability of networks from attacks, and more.

The delisting will come into effect on August 26.

“The exact trading pairs being removed are: CVP/USDT, EPX/USDT, FOR/BTC, FOR/USDT, LOOM/BTC, LOOM/TRY, LOOM/USDT, REEF/TRY, REEF/USDT, VGX/USDT. All trade orders will be automatically removed after trading ceases in each respective trading pair,” Binance added.

Delisting cryptocurrencies from such a major exchange can have a negative impact on their prices, due to reduced liquidity, reputational damage, and subsequent panic among traders.

As such, it is no wonder that all of the involved coins headed south shortly after the announcement.

CVP, FOR, EPX, and VGX are all down by approximately 40% on a daily basis. LOOM and REEF have also tumbled, albeit in a more modest fashion, registering declines of 14% and 23%, respectively.

The Binance Effect in the Past

This is not the first time a delisting on the platform has triggered a substantial price crash for an affected cryptocurrency.

Earlier this year, Binance also terminated all services with Monero (XMR), Aragon (ANT), Multichain (MULTI), and Vai (VAI). The price of the popular privacy coin plunged by 35% after the disclosure.

The same thing happened when the company withdrew its support to BarnBridge (BOND), Dock (DOCK), Polkastarter (POLS), and Mdex (MDX). The involved cryptocurrencies crashed by double digits, with DOCK plummeting by around 50% on a 24-hour scale.

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