On Monday, February 20th, the world’s largest crypto exchange made an announcement regarding the delisting of three tokens from its platform – Anchor Protocol (ANC), Mirror Protocol (MIR), and Aion (AION). The news caused a rapid decline in the value of these cryptocurrencies. Binance stated that the tokens will be removed from its platform on February 27th and customers will be able to withdraw their funds until May 28th.
According to Binance, the value of Aion token on the Canadian public network, The Open Application Network (OAN), fell by almost 15% within a few hours of the announcement. Similarly, DeFi cryptocurrencies Anchor Protocol and Mirror Protocol, based on the Terra blockchain, also saw a significant decline of 16.89% and 7.96%, respectively.
The company has stated that it periodically reviews digital assets to ensure that they meet high standards, and if they no longer meet these standards, they will remove the coin from the listing. Binance believes that this is the best way to protect its users.
This is not the first time that Binance has delisted tokens from its trading platform. In December, MITH, TRIBE, REP, and BTCST tokens were removed due to failed validation. In September, the company stopped trading USD Coin (USDC), USDP Stablecoin (USDP), and TrueUSD (TUSD) stablecoins to improve liquidity and capital efficiency.