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Binance said it will delist C98, IDEX, FIS, MBOX, REN, and TKO, triggering intense selloff.
Key Notes
Binance said it plans to delist 6 BTC trading pairs from its platform.This delisting update has fueled an intense selloff for these affected tokens.Binance delists tokens regularly, which is regarded as a move to keep its system valuable to users.Binance, a prominent crypto exchange, has sent shockwaves through the market with its plan to delist multiple Bitcoin trading pairs. Earlier today, the exchange revealed that it would delist Cross and Isolated margin pairs for six tokens: C98 C98 $0.15 24h volatility: 1.6% Market cap: $128.50 M Vol. 24h: $22.01 M , IDEX IDEX $0.0402 24h volatility: 3.3% Market cap: $35.77 M Vol. 24h: $6.90 M , FIS FIS $0.34 24h volatility: 0.7% Market cap: $50.68 M Vol. 24h: $19.24 M , MBOX MBOX $0.19 24h volatility: 1.4% Market cap: $73.90 M Vol. 24h: $13.16 M , REN REN $0.0411 24h volatility: 2.5% Market cap: $40.92 M Vol. 24h: $11.72 M , and TKO. The news has sparked immediate bearish sentiment in the market as the removed tokens slipped between 1% and 4%.
Details of the Binance Delisting
The delisting will occur in two phases, starting November 27 at 06:00 UTC. Binance will remove both Cross and Isolated margin pairs. This includes C98/BTC and IDEX/BTC and C98/BTC, FIS/BTC, IDEX/BTC, MBOX/BTC, REN/BTC, and TKO/BTC respectively.
As part of the process, Binance has disabled the ability to manually or automatically transfer these assets into Isolated Margin accounts. Additionally, starting November 21, users can no longer borrow funds against these pairs.
On November 27, Binance will automatically close all user positions tied to these pairs, initiate settlements, and cancel any pending orders.
Despite these removals, the tokens remain available on Binance’s spot trading platform, providing traders an alternative. However, these pairs’ lack of margin trading limits leverage options, reducing their attractiveness to active traders.
This constraint also impacts overall liquidity in the market. However, the broader Binance market might not face many constraints considering it still hosts hundreds of tokens users can choose from.
Market Sentiment: Bearish Clouds Looming
Binance’s announcement sent ripples through the market, leading to noticeable price drops across the affected tokens, underscoring investor uncertainty. Tron TRX $0.20 24h volatility: 2.1% Market cap: $17.15 B Vol. 24h: $814.83 M experienced similar drops after its delisting from the Binance.US platform.
Coin98 (C98) experienced a 2% dip, trading at $0.1459, fluctuating between $0.142 and $0.1518. Similarly, IDEX slipped by 1%, hovering at $0.04033 within its daily range of $0.03915 to $0.04354.
Stafi (FIS) saw a 2% decline, settling at $0.3464, with lows of $0.332 and highs of $0.3645. MOBOX (MBOX) recorded the steepest fall at 4%, trading at $0.1875 after hitting a daily low of $0.1814. REN followed closely with a sharp 6% drop to $0.04049, marking a volatile range from $0.03936 to $0.04322.
Meanwhile, Tokocrypto (TKO) shed 1%, stabilizing at $0.315 within its range of $0.3054 to $0.3247. These shifts highlight Binance’s profound impact on market sentiment, especially for tokens reliant on its trading platform. Such dependence magnifies price volatility whenever the exchange makes significant decisions.
The delisting of BTC pairs for these tokens has raised concerns about their future liquidity and overall demand. Removing margin trading limits leverage options, pushing traders to seek alternatives and adjust strategies.
Delisting can hurt reputation, reduce relevance, and change investor confidence in projects. Investors frequently view these actions as a signal of waning confidence from exchanges. This perception can drive reduced trading activity and amplify price declines.
This is not the first time Binance’s delisting actions have affected token prices. Earlier in October, its delisting of four tokens caused similar price drops and raised questions about the viability of smaller assets.
Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
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Benjamin Godfrey is a blockchain enthusiast and journalist who relishes writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desire to educate people about cryptocurrencies inspires his contributions to renowned blockchain media and sites.
