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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 affected tokens are Kaon (AKRO), Bluzelle (BLZ) and WazirX (WRX). This decision comes after Binance conducted a routine asset review to ensure listed tokens meet industry standards and comply with regulatory requirements.
As part of the delisting process, Binance will suspend cross and isolated margin borrowings for these tokens starting from December 18, 2024. By December 23, cross-margin accounts will automatically settle outstanding liabilities, converting any remaining token balance into USDT within a 24-hour period. The announcement also stated that impacted trading pairs, including AKRO/USDT, BLZ/BTC, BLZ/USDT, and WRX/USDT, will no longer be available for trading after the delisting date.
Moreover, Binance has advised users to unhide small balances in their wallets so that these assets can be tracked. After the delisting date, withdrawal of these tokens will be unsupported until February 25, 2025.
Additionally, Binance has emphasized the importance of user management during this transition period. It is crucial for users to manage their portfolios promptly, close positions, and transfer assets to avoid potential losses. Users are also advised to transfer assets from Margin to Spot Wallets before deadlines to mitigate liquidation risks.
Deposits of these tokens will no longer be credited after December 26, while withdrawals will cease on February 25, 2025. In a statement, Binance reaffirmed its commitment to creating a transparent and sustainable crypto ecosystem alongside this development.
As the cryptocurrency market continues to evolve, exchanges like Binance must adapt to changing regulatory landscapes. While this decision may cause short-term disruptions for some users, it is essential to prioritize compliance with existing regulations to ensure the long-term health of the industry.
The news follows a series of announcements from other prominent exchanges regarding token delistings and suspensions due to regulatory concerns.
Source: http://www.cryptonewsz.com
