Binance announces removal of 4 cryptocurrencies, causing a 50% drop

Binance announced this Monday (27) the removal of 4 cryptocurrencies. All affected projects showed a strong loss of value after the announcement, with declines of around 50%.

While it did not specify the exact reasons for delisting each cryptocurrency, Binance listed a range of factors that led the exchange to make this decision.

These include lack of commitment from the project team, level of development, volume, technical stability, level of public communication, evidence of fraudulent behavior, contribution to a healthy and sustainable ecosystem, and response to requests for through diligence from the broker.

Binance removes BitShares (BTS)

The first cryptocurrency to be removed by Binance was BitShares (BTS). The cryptocurrency was created in 2013 by Dan Larimer and was the first project to use the system Delegated proof of stake (DPoS).

Larimer, also known as Bytemaster, discussed the scalability of Bitcoin with Satoshi Nakamoto in 2010. In other words, BTS emerged as a competitor to BTC and reached its peak in 2018, but has lost momentum since then.

With the announcement of Binance’s delisting, BitShares (BTS) lost 50% of its value. The move will take place on December 7, a Thursday.

BitShares plummets after being delisted from Binance.
BitShares plummets after being delisted from Binance.

Binance removes PERL.eco (PERL)

The second cryptocurrency to be removed by Binance was PERL.eco (PERL). Newer than BitShares, PERL focuses on the tokenization of carbon credits and operates as a token on the Ethereum network.

Investors include several funds, including 1kx, Bitmain Technologies, Polybius Capital, Elysium, Astronaut Capital and dozens of other investment firms.

With the delisting of Binance, also scheduled for December 7, PERL lost 55% of its value within minutes.

Perl.eco (PERL) plummets after being removed from Binance.
Perl.eco (PERL) plummets after being removed from Binance.

Binance removes Tornado Cash (TORN)

The third cryptocurrency to be removed by Binance was Tornado Cash (RIPPED), the most controversial project of the four mentioned in the announcement. As recently as August 2018, the US sanctioned Tornado Cash, which works as a cryptocurrency mixer and is used to hide the trail of transactions.

While the exact reason for the removal was not stated, Binance’s decision may be related to pressure from the US government. Last week, the broker reached a $4.3 billion settlement with the US Department of Justice to end a long-running investigation, and also agreed to be closely monitored in the coming years.

Tornado Cash (TORN) lost 50% of its value after the announcement. The removal will take place on December 7. At the time of writing, Binance is responsible for 79% of TORN volume, with decentralized broker Uniswap in second place.

Tornado Cash (TORN) is plummeting after being delisted by Binance.
Tornado Cash (TORN) is plummeting after being delisted by Binance.

Binance removes Waltonchain (WTC)

The fourth and final cryptocurrency to be removed by Binance is Waltonchain (WTC). Waltonchain, focused on blockchain and the Internet of Things (IoT), was founded in 2017, when it rose from $1 to $40 in a few months.

Since then the project has fallen into disrepair. Next Monday (27), WTC will be in the $0.11 range after a 50% drop followed by Binance’s delisting announcement. Like the other projects, WTC will say goodbye to the brokerage on December 7.

Waltonchain (WTC) is plummeting after being delisted by Binance.
Waltonchain (WTC) is plummeting after being delisted by Binance.

Finally, Binance notes that its customers can withdraw these four cryptocurrencies until March 7, 2024. Deposits will stop on December 8, 2023.

Source: Live Coins