One of the biggest blows for all WazirX holders has seen as Binance announce its plans to delist the WRX token. The news sent shockwaves through the WazirX community, with WRX dropping by nearly 40% in just one hour following the announcement.
The exchange has said that WRX, alongside AKRO and BLZ, will be delisted from their platform on December 25, 2024, at 03:00 UTC.
The token traded at around $0.212 before the announcement but has now plummeted to $0.1189, indicating a significant decline in its market value. Its price dropped almost 51% in 24 hours with a current market capitalization of $45.8 million and 24-hour trading volume, dropping by 24%, valued at $20.38 million.
The announcement of this comes amid increasing speculations around WazirX, especially since speculation had surfaced recently claiming Binance may bail the exchange out following a huge hack. However, this was shortly denied by the WazirX management, explaining that the activity was only a temporary fund consolidation and asset rebalancing and not a bail-out process.
Apart from WazirX (WRX), Binance will delist Kaon (AKRO) and Bluzelle (BLZ) as well. The tokens had been chosen for removal after all the evaluation processes, comprising the level of commitment and engagement by the project teams, trading volumes, and the general stability of the networks.
Binance highlighted that it reviews its listed assets periodically to ensure that they meet the high standards of the exchange, particularly in a rapidly changing regulatory environment.
The tokens will be delisted from all spot trading pairs. Some of the specific pairs that will no longer exist on the platform include AKRO/USDT, BLZ/BTC, BLZ/USDT, and WRX/USDT after December 25, 2024, at 03:00 (UTC).
Users are supposed to close any open position and then transfer their holding to a spot wallet within the process of delisting. From December 26, 2024, Binance will stop accepting any deposits related to these tokens, while withdrawals for WRX, AKRO, and BLZ shall be stopped completely after February 25, 2025.
After such date, these tokens shall be turned into stablecoins, but such conversion does not guarantee and shall be separately notified according to Binance.
Also Read: Coinbase Faces $1B Lawsuit from BiT Global for Delisting wBTC
