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Binance To Delist 3 Tokens Amid Regulatory Concerns
In a recent announcement from the world’s largest cryptocurrency exchange, Binance, three tokens will be delisted from their platform. The tokens in question are Kaon (AKRO), Bluzelle (BLZ) and WazirX (WRX). This decision comes after a routine asset review by Binance to ensure listed tokens meet industry standards and are regulatory compliant.
The delisting process begins on December 18, 2024, when cross and isolated margin borrowings for these tokens will be suspended. By December 23, 2024, cross-margin accounts will automatically settle outstanding liabilities, with any remaining token converted to USDT within 24 hours.
Following the delisting date of December 25, 2024 at 03:00 UTC, trading pairs including AKRO/USDT, BLZ/BTC, BLZ/USDT, and WRX/USDT will no longer be available for trading. Users are advised to unhide small balances in their wallets to track these assets.
Withdrawal of these tokens will become unsupported after February 25, 2025. Additional services such as Future, Margin, and Auto-Invest will cease offering for these tokens from December 18, 2024 onwards. Binance Convert will maintain a sell-only feature until the delisting date, while other services like Gift Card and Trading Bots will discontinue by the same date.
In guidance to its users, Binance emphasizes the importance of promptly managing portfolios, closing positions, and transferring assets to avoid potential losses during the transition. Users are also advised to transfer assets from Margin to Spot Wallets before deadlines to minimize liquidation risks.
Deposits for these tokens will no longer be credited after December 26, and withdrawals will cease by February 25, 2025.
Source: www.cryptonewsz.com
