The crypto exchange giant Binance has decided to remove Sonm (SNM), Serum (SRM), and DFI.Money (YFII) from its exchange next week. This decision comes as a response to an extended period of market decline and a lack of active trading in recent weeks, resulting in low liquidity for these tokens.
Starting from August 22, 2023, at 3:00 UTC, Binance will stop deposits for these trading pairs SNM/BTC, SNM/BUSD, SRM/BUSD, and YFII/USDT.
Binance said in a general announcement, “When a coin or token no longer meets this standard or the industry changes, we conduct a more in-depth review and potentially delist it. We believe this best protects all our users.”
Following the news Sonm’s (SNM), Serum (SRM), and DFI.Money (YFII) token value has experienced a significant decline by 65%, 20%, and 8% respectively.
The token’s price was approximately $0.059 (SNM), $0.05 (SRM), and $573.41 (YFII) at the time of writing.
Once trading stops for a specific trading pair, any trade orders users have placed for that pair will be taken off automatically.
After November 22, 2023, withdrawals of certain coins and tokens from Binance won’t be possible. These delisted tokens may be exchanged for stablecoins on behalf of users. The resulting funds will be added to users’ Binance accounts.
Alongside this, Binance will also discontinue various services related to these tokens. The services to end for those three tokens, include Binance Simple Earn, Binance Loans, Binance Pay, Binance Gift Card, and Binance Trading Bots.
Also Read: Binance Ends Fiat-to-Crypto Platform, Binance Connect
