BOND, DOCK, MDX and POLS Are Out of Binance
By TH3FUS3 Editorial Staff
July 8, 2024 10:47 AM
Reading time: 1 minute, 35 seconds
TL;DR Crypto exchange Binance has announced it will no longer support four altcoins -- BarnBridge (BOND), Dock (DOCK), Mdex (MDX), and Polkastar (POLS). Effective July 22 at 03:00 UTC, the delisting has caused a sharp drop in their market value. This price action reflects market sensitivity to exchange delistings and regulatory actions.
Today, Binance announced the delisting of four altcoins, including BarnBridge (BOND), Dock (DOCK), Mdex (MDX), and Polkastar (POLS). Effective July 22 at 03:00 UTC, the platform will remove these altcoins, which could cause their prices to decline.
Immediate Market Impact
Immediately following the announcement, the affected tokens saw significant price declines. Specifically, DOCK plummeted nearly 30%, MDX dropped by 23.65%, and BOND and POLS experienced over 17% losses. This price action reflects the market's sensitivity to exchange delistings and regulatory actions.
Binance's Periodic Review
The delistings are part of Binance's periodic review. Often, it adds tokens under the monitoring tag before delisting them. For instance, on July 1, Binance included 11 altcoins under its monitoring tag, including DOCK and POLS.
The exchange explained, "At Binance, we periodically review each digital asset we list to ensure that it continues to meet a high standard and industry requirements."
The review focuses on several critical factors. These include the project team's commitment, trading volume, liquidity, network security, and responsiveness to due diligence inquiries.
Trading and Withdrawal Information
Trading pairs like BOND/BTC, BOND/USDT, DOCK/BTC, DOCK/USDT, MDX/USDT, and POLS/USDT will halt trading. After delisting, all existing trade orders will be automatically removed. Users must withdraw these tokens by October 22, 2024.
If not, Binance might convert the delisted tokens into stablecoins, although this is not guaranteed and will be subject to a future notification.
"At Binance, we periodically review each digital asset we list to ensure that it continues to meet a high standard and industry requirements."
Comprehensive Adjustments
Furthermore, Binance is adjusting various services to phase out these altcoins comprehensively. These changes include delisting from Binance Simple Earn and Auto-Invest, ending margin trading for these tokens, and removing them from Binance Convert and Binance Pay by predetermined dates.
The comprehensive nature of these adjustments highlights Binance's commitment to maintaining the quality of its listed assets and compliance with industry standards.
