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Binance To Delist 3 Tokens Amid Regulatory Concerns
In a recent announcement from Binance, three tokens will be delisted from their platform due to regulatory concerns. The affected tokens are Kaon (AKRO), Bluzelle (BLZ) and WazirX (WRX), with the delisting taking effect on December 25, 2024 at 03:00 UTC.
The decision comes after Binance conducted a routine asset review to ensure listed tokens meet industry standards and comply with regulatory requirements. The exchange’s priority is to maintain a transparent and sustainable crypto ecosystem.
Key Dates and Impact
* December 18, 2024 – Cross and isolated margin borrowings for the affected tokens will be suspended.
* December 23, 2024 – Cross margin accounts will automatically settle outstanding liabilities, and any remaining token will be converted to USDT within 24 hours.
* After December 25, 2024, trading pairs including AKRO/USDT, BLZ/BTC, BLZ/USDT, and WRX/USDT will no longer be available for trading.
* February 25, 2025 – Withdrawal of the affected tokens will become unsupported.
User Guidance
Binance emphasized the importance of users managing their portfolios promptly to avoid potential losses. The exchange advised traders to close positions and transfer assets to avert any risks during the transition period. Users are encouraged to transfer margin positions to spot wallets before the deadlines to minimize liquidation risks.
The exchange has also assured that deposits for these tokens will no longer be credited after December 26, and withdrawals will cease by February 25, 2025.
Binance’s decision highlights the growing importance of regulatory compliance in the crypto market. The exchange is committed to maintaining a sustainable ecosystem, ensuring its users’ assets are secure and reliable.
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Source: www.cryptonewsz.com
