Binance Announces Delisting of Multiple Tokens from Exchange

Binance periodically reviews each listed digital asset to ensure that it continues to meet high industry standards and requirements. When a coin or token no longer meets these standards or the industry landscape changes, Binance will conduct a more in-depth review and potentially delist it. Binance’s priority is to ensure the best services and protections for its users while continuing to adapt to changing market dynamics.

When Binance conducts these reviews, Binance considers a variety of factors.

Here are some of the factors that drive Binance to delist a digital asset:

• Team commitment to the project
• Level and quality of development activity
• Trading volume and liquidity
• Network stability and security from attacks
• Network/smart contract stability
• Level of public communication
• Ability to meet Binance’s periodic due diligence requirements
• Evidence of unethical/fraudulent behavior or negligence
• New regulatory requirements
• Contribution to a healthy and sustainable cryptocurrency ecosystem

Based on Binance’s most recent assessments, the exchange has decided to delist and cease trading on all spot trading pairs for the following tokens at 03:00 on 2024-08-26 (UTC):

• PowerPool (CVP)
• Ellipsis (EPX)
• ForTube (FOR)
• Machine Network Weave (LOOM)
• Reef (REEFEN)
• VGX Token (VGX)

Please note

• The exact trading pairs being delisted are: CVP/USDT, EPX/USDT, FOR/BTC, FOR/USDT, LOOM/BTC, LOOM/TRY, LOOM/USDT, REEF/TRY, REEF/USDT, VGX/USDT
• All trading orders will be automatically removed after trading ceases in each respective trading pair.
• The value of the token will no longer be displayed in your wallet after delisting. To view your assets after trading ceases, please ensure you have not selected “Hide Small Balance” in all your wallets.
• Deposits of these tokens after 03:00 on 2024/08/27 (UTC) will not be credited to your account.
• Withdrawals of these tokens from Binance will not be supported after 2024-11-26 03:00 (UTC).
• Delisted tokens MAY be converted to stablecoins on behalf of users after 2024-11-27 03:00 (UTC). Please note that the conversion of delisted tokens to stablecoins is NOT guaranteed. A separate announcement will be made prior to the conversion if applicable, and stablecoins will be credited to users’ Binance accounts after the conversion.
• Binance Simple Earn will delist the above tokens after 2024-08-22 03:00 (UTC). Users may choose to redeem their Flexible Positions and Locked Products first. Otherwise, these Flexible Positions and Locked Products will be automatically redeemed at the above time and then transferred to the user’s Spot Wallet, along with any accumulated rewards, from 2024-08-22 03:00 (UTC).
• Binance Auto-Invest will delist the above mentioned tokens after 2024-08-20 03:00 (UTC). Users may choose to cancel their plans in advance. Otherwise, the next periodic cycle of the above mentioned tokens will fail.
• At 2024-08-20 03:00 (UTC), Binance Loans’ LOOM, REEF (Flexible and Stable Rate) and VIP Loan’s EPX, LOOM, REEF will close all outstanding loan positions for the above mentioned tokens as Lendable Tokens and Collateral Tokens. Users are advised to pay off all outstanding loans before 2024-08-20 03:00 (UTC) to avoid any potential losses, if any.
• At 2024-08-19 06:00 (UTC), Binance Funding Rate Arbitrage Bot will close all arbitrage strategies and make automatic settlements on the symbols LOOM/USDT, REEF/USDT. This pair will no longer be available for opening new arbitrage strategies upon delisting.
• Binance Margin will delist CVP, EPX, FOR, LOOM, REEF from Cross and Isolated Margin at 2024-08-20 06:00 (UTC). CVP/USDT, EPX/USDT, FOR/USDT, LOOM/BTC, LOOM/USDT, REEF/USDT cross and isolation margin pairs will be removed from Margin.

o At 06:00 on 2024/08/14 (UTC), Binance Margin will suspend separate margin loans on the above mentioned separate margin pairs. At 06:00 on 2024/08/20 (UTC), Binance Margin will close user positions, perform automatic liquidation, and cancel all pending orders on the above mentioned separate margin pairs. These pairs will then be removed from separate margin.

o At 2024-08-14 06:00 (UTC), Binance Margin will suspend cross-margin loans on CVP, EPX, FOR, LOOM, REEF. At 2024-08-20 06:00 (UTC), Binance Margin will cancel all pending orders on users’ cross-margin accounts if they contain CVP, EPX, FOR, LOOM, REEF liabilities and/or assets. Binance Margin will then automatically pay off any existing CVP, EPX, FOR, LOOM, REEF liabilities and then transfer any remaining CVP, EPX, FOR, LOOM, REEF assets to the user’s Spot Wallet. The above-mentioned cross-margin pairs will then be removed from cross-margin. • Please note that users will not be able to update their positions during the delisting process and they are advised to close their positions and/or transfer their assets from the Margin Wallet to the Spot Wallet before margin trading ceases at 2024-08-20 06:00 (UTC). Binance will not be responsible for any potential losses.

• Portfolio Margin users are advised to transfer the above mentioned tokens out of their Margin Wallet to the Spot Wallet and top up their margin balances before 2024-08-20 06:00 (UTC), if applicable. Users are advised to closely monitor the Unified Maintenance Margin Ratio (uniMMR) to avoid any potential liquidations that may result from the removal of the above mentioned tokens from the Margin Wallet.
• All CVP, EPX, FOR, LOOM, REEF balances in the Cross Margin Wallet under Portfolio Margin account will be automatically converted to USDT from 2024-08-20 06:00 (UTC). The conversion may take about 24 hours or longer. Binance Margin will not be responsible for any losses on new positions during this period that may arise due to the conversion. Refer to this FAQ for more information.
• Binance Convert will maintain the Sell Only function for the above mentioned tokens and all related pairs from 2024-08-21 03:00 (UTC) to 2024-08-26 02:00 (UTC). Binance Convert will then delist the above-mentioned tokens and all related pairs at 2024-08-26 02:00 (UTC)
• Binance Buy & Sell Crypto will delist the above-mentioned tokens and all related pairs at 2024-08-21 03:00 (UTC)
• Binance Gift Cards will delist the above-mentioned tokens at 2024/08/26 03:00 (UTC). Users are encouraged to manage their Gift Cards containing these tokens in advance to avoid any inconvenience.
• Binance Pay will delist the above-mentioned tokens at 2024/08/21 03:00 (UTC).
• Binance will terminate the Trading Bots service for the aforementioned spot trading pairs at 2024-08-26 03:00 (UTC), as applicable. Users are advised to update and/or cancel their Trading Bots before the Trading Bots service is discontinued to avoid any potential losses.
• Please note that USDⓈ-M LOOMUSDT and REEFUSDT Perpetual Futures trading is not affected and users can continue to trade.