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Binance To Delist 3 Tokens Amid Regulatory Concerns
In a recent announcement from the world’s largest cryptocurrency exchange, Binance, it has been disclosed that three tokens will be delisted from their platform due to regulatory concerns. The three tokens in question are Kaon (AKRO), Bluzelle (BLZ) and WazirX (WRX). This decision comes after a thorough asset review was conducted by the exchange to ensure that all listed assets meet industry standards and comply with regulations.
As per the announcement, the delisting process will begin on December 18, 2024. The exchange has suspended cross and isolated margin borrowings for these tokens, effective immediately. Cross margin accounts will automatically settle outstanding liabilities by December 23, 2024, after which any remaining tokens will be converted to USDT within a 24-hour period.
Following the delisting date of December 25, 2024, the impacted trading pairs, including AKRO/USDT, BLZ/BTC, BLZ/USDT, and WRX/USDT, will no longer be available for trading. Users have been advised to unhide small balances in their wallets so that these assets can be tracked.
Furthermore, it has been emphasized by Binance that withdrawal of these tokens will not be supported after February 25, 2025. The exchange has also highlighted the importance of users managing their portfolios promptly, closing positions, and transferring assets to avoid potential losses during the transition. This includes transferring Margin to Spot Wallets before the deadlines to prevent liquidation risks.
Deposits of these tokens will no longer be credited after December 26, 2024, while withdrawals will cease by February 25, 2025. The exchange has reassured that it is committed to developing a transparent and sustainable crypto ecosystem with this decision.
The delisting of these three tokens by Binance reflects the growing concerns over regulatory compliance in the cryptocurrency space.
Source: http://www.cryptonewsz.com
