Wed. Apr 17th, 2024

Binance, the world’s largest cryptocurrency exchange, announced on Tuesday (11) the removal of three cryptocurrencies from its platform. As a result, all three projects are trading sharply lower this morning. While one of them is down 30%, another is down 40% and the third has already lost 70% of its value. While not citing the specific reasons for the removal, Binance commented on a few points that led the exchange to make such a decision, including a lack of commitment from the team, project quality, volume and liquidity, stability, and security.

Three Cryptocurrencies Fall Strongly After Binance Announces Deletion

According to the announcement published this Tuesday (11) by Binance, the three cryptocurrencies will be removed next Tuesday (18).

Binance will delist Kepple (QLC), Neblio (NEBL) and Auto (AUTO) on April 18, 2023.

As Binance is the platform that provides the most exposure to a cryptocurrency, as it is the largest exchange in the world, such projects are trading in a sharp decline after the delisting announcement. While Neblio (NEBL) operates down 30% this Tuesday (11), Car (CAR) It has already lost 40% of its value. However, the biggest loss was for investors of Kepple (QLC)as the cryptocurrency is down 70% in the last 24 hours.

Binance delisted cryptocurrencies are in sharp decline. Source: CoinMarketCap. Until the closing of this report, none of the three projects had made a public statement about the removal.

What criteria did Binance use for removal?

While it did not provide details on why each project was removed, Binance listed nine points that weighed heavily in the decision. They are: Commitment of the team to the project; Level and quality of development activity; Liquidity and trading volume; Network stability and security against attacks; Network stability/smart contract; Public communication level; Responsiveness to our periodic due diligence requests; Evidence of unethical/fraudulent conduct or negligence; Contribution to a healthy and sustainable cryptographic ecosystem. Ultimately, the three cryptocurrencies removed by Binance will continue to be tradable on smaller exchanges. However, they will possibly have less volume and liquidity, scaring away large investors, which justifies their sharp falls.

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By Farwa Raza

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