• Mon. Jun 24th, 2024

Binance Exchange Moves To Delist Four Altcoins, Market Reacts

Maria Bartiromo

ByMaria Bartiromo

Oct 5, 2023

Binance has added four cryptocurrencies to its “Monitoring Tag” list, indicating the possibility of delisting if they don’t meet specific requirements. The action is said to reflects Binance’s continued efforts to keep its listed assets at a high standard of quality and security.

On October 4, four more tokens were added to Binance’s “Monitoring Tag” list: NEM (XEM), Beta Finance (BETA), and BarnBridge (BOND). The inclusion of tokens on this list is thoroughly scrutinized for elements like high volatility and risk. These tokens risk being removed from the platform if they don’t perform better and don’t match the exchange’s requirements.

Few cryptocurrency social media influencers have recently cautioned traders against trading and investing on these marked assets. One of the coins on the list, Beta Finance (BETA), has had issues in recent months. The BETA price broke from an upward support trendline on June 10th.

Report says that it bounced off the line but couldn’t return to its prior levels. Since then, on June 23rd and July 11th, the trendline has twice served as resistance, indicating a negative trend for the coin. On October 4th, Beta Finance hit a low of $0.067, verifying a trendline that has been declining since June. Its inclusion on Binance’s “Monitoring Tag” list could be influenced by this price decrease and the inability to recoup.

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Binance Gives Reasons For Delisting Coins, Cites Internal Factors

One of the analysts, Valdrin Tahiri, wrote on BeInCrypto that the decision by Binance to examine and delist a few tokens is in line with the exchange’s dedication to offering its users a safe and reliable trading environment. Tahiri also added that the performance of listed assets is regularly monitored and evaluated by Binance to reduce the risks associated with unstable and underperforming tokens.

The company has explained that tokens are usually placed on a monitoring watch list when their volatility increases. It also said through its official blog that the listed tickets are periodically monitored and will be removed should they still fail to meet the official criteria.

Explaining further, Binance said that the price of BETA went down from a declining support level on June 10 before bouncing back. The token was also said to have proved itself twice while validating its resistance level on July 11 and June 23 – an activity common after each coin recovery. On October 4, BETA went to an all-time low of $0.067, further confirming its downward support level in the year.

The price of BOND, on the other hand, sank under the resistance level since January 22nd . This development has caused a lot of rejection from both traders and investors alike. The worse activity happened on the 1st of October, and has since been turned down by traders.

Maria Bartiromo

Maria Bartiromo

Maria Bartiromo is a renowned news writer and journalist, celebrated for her insightful reporting and authoritative voice. With a career spanning years, she has established herself as a trusted source of accurate and comprehensive news analysis, keeping readers informed on vital global developments.

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