Bitcoin Forum

Can someone who is more technical tell about what is going on with Binance the cryptocurrencies exchange?
Just as they were faced with some criminal issues, they have been taking whole lot of elimination actions of delisting over ten sport trades in their marketplaces as at last week with undefined relatable reasons.
Now they are set to delisot BTS/USDT, WTC/BTC, PERL/USDT, WTC/USDT and others out of their marketplaces by the Dec-7th-2023 with the reasons that it is a caused of the digital currencies being unable to meet up with its tasks and poor level of operations.

What I don't understand is that why are they taking this actions at this time even as they faces this high level of criminal case which was to tanish their reputation?

Is there something technical that is not Worth publicly exposed/expressed?

Why don't they feel the guilt of losing the affiliated clients that was to profit them as they delisted them above?

Are they just realizing the inabilities, insecured and the poor possessions of the delisted industry just of recent? Or they have been on track before these days?

I am curious to understand this because I leans my Bitcoins to the Binance crytop currency exchange.
https://cryptopotato.com/important-binance-will-delist-the-following-cryptocurrencies-on-december-7th/

I doubt the delisting has anything to do with the cases they recently agreed to settle or any regulatory issues. They have a set of criteria before coins or tokens are to be delisted and they've listed it in their announcement https://www.binance.com/en/support/announcement/binance-will-delist-bts-perl-torn-wtc-on-2023-12-07-d24dd4a035c443b1ad8cf49f60b9d194

I don't know anything about these coins and tokens but the major factor is probably trade volume and further project development.

I addition to what you have said, i think there was an announcement made already concerning their actions before they started it, do some were well aware that some certain coins will be delisted, what we should make sure we do is to investigate well in any cryptocurrency we are going for and make our research properly before choosing anyone, then after investing, we should take our asset off the exchange to a personal wallet which is a non custodial wallet, in doing this, we are free from any form of dramas that may be happening.

Binance usually keeps delisting those coins and pair which don't meet certain criteria, I have seen Binance delisting coins when they are heavily manipulated like it did with a coin named Nebilo where the price of coin were heavily manipulated as Binance cannot afford to lose out on its reputation by having projects listed in it's exchange which are very volatile and it's prices being controlled hence they removed Nebilo and I guess same logic applies to some of these coins .

If I'm not mistaken, coins are being delisted not just by Binance but any other crypto exchange is the coin is not that active, i.e low trade volumes or the people behind just forget about that project, thus becoming inactive.

This is the link for their official announcement as to what coins are to be delisted:

https://www.binance.com/en/support/announcement/binance-will-delist-bts-perl-torn-wtc-on-2023-12-07-d24dd4a035c443b1ad8cf49f60b9d194

And with that, you can convert your coins that is in the list to stable coins to be able to still make money out of it and get your investments back whether you are in a +/- profit.

As others said, this is probably unrelated, and I'd be guessing this is just a routine procedure of cleaning up the site from low-volume pairs. Have they only removed certain pairs or stopped supporting the listed altcoins?
Nevertheless, I'd imagine they would notify users somehow before that happened, either by making an announcement somewhere on their site or by sending emails (to those subscribed).

Speaking about the recent events and the settlement penalty - I don't think people comprehend how huge amount that is. They'll be paying penalties exceeding $4 billion, which is the highest in history. There must be some panic and disruptions going on in their operations, which could have some effect on their customers eventually, but I wish them all the best.

I believe this thread should be on Service Discussion than Speculation. Yeah, we're speculating but this section is all about speculations for Bitcoin and not for what happened to certain exchange and why it has to delist some pairs.

These delistings are pretty common for exchanges especially Binance and they've got standards and reasons for doing so.

Maybe this article will give some light why they had to do it: Binance Will Delist BTS, PERL, TORN, WTC on 2023-12-07 (https://www.binance.com/en/support/announcement/binance-will-delist-bts-perl-torn-wtc-on-2023-12-07-d24dd4a035c443b1ad8cf49f60b9d194)

if you go to each of those markets on Binance or even on Coinmarketcap you can see that these coins don't have enough volume to be considered profitable from the exchange's point of view.
for example if you change the time steps in the https://coinmarketcap.com/currencies/bitshares/ page to 1 month you can see that excluding the recent dump of BTS, it was pretty much a dead market with little to no volume. and the recent dump is obviously caused by this news and people are panic selling this shitcoin to get rid of it prior to the delisting.

https://www.talkimg.com/images/2023/11/29/NmzUq.jpeg

BTS is one of the oldest DEX in crypto. It used to have a good price and volume and since Larimer abandoned this project the community lost interest as well.

I went over to the list of tokens delisted and here are some reasons they said these tokens lack which same reason they were also delisting some tokens before 2020. Anything If they are not making money, they will remove the pair or worse the token.

people have always lost interest in altcoins after a while specially when they stop being pumped which makes them unprofitable for the altcoin traders.

delisting happens not just overnight , meaning they are having advance announcement about the delisting in which
all holders and investors and also the dev must be aware and be ready what will happen sooner.

so I think this is nothing to do with what is happening inside the company and the settlement  to government of US .

and also I believe that delisting comes from the performance of the said coins , because Binance will not tolerate a
not moving coins as this will only add numbers to their lists when they can put that
spot to other good performing currencies.

This is not the first time they have delisted some trading pairs, and they are not the only exchange to do this. Exchanges need to maintain their reputation and when a coin no longer meets their standards they have the right to remove it whenever they want. Why are you surprised and blame them?, why don't you blame those useless coins?

On the other hand, this has nothing to do with the trouble they are having with the SEC. If you don't like using them, you can simply delete your account and choose another exchange. This is just business and there's more to it than that, if you don't understand there's no need to be upset with them.

Exactly, OP seems to be trying to make it look like these two events are somehow connected but Binance has been doing this even before this AML investigation has been surfacing so basically the only explanation to this is that Binance is just doing business as usual and they can't afford to stop because their CEO was replaced because he stepped down, it's just a coincidence that there's a lot of tokens that got delisted while the issue is still at it's hottest.

I honestly thought BitShares was a dead coin. I haven't heard news about it in several years. Waltonchain is also an old coin that had become irrelevantafter some scammy behavior. I don't know if the Tornado Cash token is associated with the mixer but Binance probably doesn't want to be associated with something that has been sanctioned by the US government. The other tokens I haven't heard of but I assume they are dying projects with very little volume.

It is not just Binance that do this. Other exchanges like Coinbase, Robinhood, have also delisted certain crypto currency pairs and one of the reasons they did it was due to regulatory concerns. Another reason which I think the delisting was for is due to the decline in trading of these pairs. I feel like they have become utterly useless and just both in the number of persons who hold them and trade them. Basically, the goal is to optimize the trading environment. 

Some coins have delisted from Binance regarding not raise their criteria such as low transaction volume last one month until many factor must delisted, I don't think huge problem when any coins delisting from Binance regarding available for other other exchange for selling coins have delist in Binance. I think all coins below BTS/USDT, WTC/BTC, PERL/USDT, WTC/USDT not reach Binance criteria with drop transaction volume and make them as stable coins without any interested for Binance and can't give benefit with fee trading for the exchange. When some coins become stable and dropped with transaction volume can't give benefit for the exchange listed coins with investor not interested for trading with coins have lower transaction volume.

Be warning for holder with coins have been delisted from Binance to withdraw and sell on the other exchange still have buy and sell order before the listed exchange will delist just did by Binance.

Delisting happens in all exchange mate and not only in Binance so lets not make this an issue while
Binance is facing a serious problem now not only in US but in other part of the world also, delisting coins happens
if the exchange felt like that coin isn't performing great and will be a burden for them to still hold , so the exchange
will decide to delist but there is a specific time  before that happen so i think this is just another normal thing .

The logical question might be: Why did Binance list them? These shticoins are dead and are pumped out from time to time. Therefore, after a while, their trading volumes are very low, and the cost of running the servers to keep these currencies active is higher than the total circulation, so they are removed. Have you ever wondered why Binance did not remove Bitcoin or the first 100 cryptocurrencies without there being any Legal reason? They will not do this as long as there is active trading, which is not currently happening.

Well... I was curious and concerned about this if maybe those shitcoins were in times released of being illegitimately in operations and their inability potentials to proffer investors goals or maybe the eligibility of the shitcoins and the sport trade exchanges were exposed to undergoing any form of undependable possessions.
Maybe Binance were due to taking actions of maintaining its reputations.

This isn't a technical question to need someone more technical to answer you and Binance move of dislisting those altcoins doesn't have anything to do with the recent events of criminal charges that Binance cryptocurency exchange is facing. Before they got fine they were delisting tokens already and this is because of low trading volume. Binance exchange wants to make profits therefore they're removing projects that isn't giving them profits to make space for new ones.

All attention will be pushed towards the new project that Binance will list during the bull market. Delisting those old coins will make their customers not to Invest in them but invest in the new tokens that'll have more hype and give Binance exchange more profits due to the high trading volume. Altcoins that don't have hype will have less trading volume and will be delisted from top exchanges. Other centralized exchange are delisting altcoins too that have low volume.

Hmm, seems like it's the SEC who's enforcing them to delist the unauthorized and illegitimate securities to be delisted from the trading marketplace. Kraken exchange is also facing some kind of similar issues as Binance faced before. After whole this crisis Bianance's ecosystem was highly affected, VIP memberships, their total capitalization, etc all got hit hard.

We can also consider it as Bianc only delisted all those pairs till now with some issues such as trading volume, vesting, liquidity problems, etc. I haven't seen any top projects getting delisted from the market. Anyway, who cares if the shitcoins are getting delisted haha, as I'm not a shitcoin trader, and also not a trader on Binance.

So just chill, Enjoy.

Are you new to Binance? I mean these types of updates they always do. For them it doesn’t matter at all, whether any criminal case is in progress against them or not. They themselves say that, they unlist the trading pairs which have low volumes of trade or less marketcap. They even unlist the pairs which is less popular. So what’s shocking in that? They delist and add new coins which are in demand and are in trend. Why would they keep the coins with low activity in their exchange?

There could be many reasons for this and maybe the recent case against binance had some influence, however when there is a change in the leadership very often the person ascending as the new leader of an organization begins to make a lot of changes immediately not only as a way to show their authority and establish it this way on the minds of their employees, this is also a way to demonstrate that they have a different set of priorities than the previous leader, and that the organization itself needs to change to accommodate those new priorities.

Dont know if its just me or people been seeing that you are just basically shilling out that site or what but is this your first time on seeing that Binance delist up coins?
Yes, they are facing up some issues now but we know that business must go on, and since there's a new CEO had been hired so it would be not shocking that operations would really be that
going back to normal or something that calls on going back to business which its never been that new or shocking.

They would normally be delisting coins on which it doesnt really have volume on which they cant really simply making money out of it, and this way they are really
opening up doors into those coins or projects which does have huge trading volume on which listing it out in replacement of those who had been delisted
which this is how business do works. So dont get shocked about it and trying out to tie those current issues that they are facing on.

They have the terms and conditions for sure and if there’s a coin/token that are not performing anymore and there is no activity, then they are delisting it maybe for the purpose of decongestion and for the purpose of introducing a new token pairs. We know how strict the Binance is and how popular it is, so once you get listed in Binance they are expecting for you to increase the activity on that exchange and as a project owner you should commit on that or else all that you have paid just to get listed will be wasted and you will be delisted.

that is true, there's nothing suspicious behind the delisting because that's their regular activity whenever a coin or token is not meeting their standards to be included in their active trading pairs.
just like other exchanges, they also delist inactive trading pairs. this is to lessen their operating expenses and other activities related to the maintenance of such trading pair.

It happens quite frequently to be fair, I mean its not really going to be all that shocking to see this, feels like something that would be all that confusing, its fine. Binance is a private company and they can do whatever they want, its not really all that interesting in the end. Just realize that they are free to do whatever they want, its a private company, owned by people, and if those people want to make sure that they keep making a profit, they are free to delist anything they want, there is nothing wrong with that. I understand that if one of the pairs that they are getting rid of is something you are holding, that must feel quite terrible to you, but its way too common for them to do this.

Usually, the main reason is low trading volume which does not provide any profit to the exchange or also problems in the development of the coin such as developers who are no longer active so the coin is like a dead coin so Binance delists it to protect their users and also to make their exchange profitable by listing other coins that have the potential to bring in more money from trading that coin, and there is nothing strange about the delisting. All exchanges will do the same thing when there are coins whose trading activities do not provide profits to their exchange business.

As for business then it would be normal that they would really be putting focus and priority into those projects or coins that do generate out volume because we know that volume =  money. If things turns out to be non beneficial then this is where they would really be starting on to remove on things which are needed to be remove to be replaced by something which it could really make them money as simple as that.
Just like on what others been saying that despite of the current situations and issues that they are facing then the business must go on and make some money. Issues something like this could really be just that simply be forgotten.What matter most is on how they do make out that money and keeps on doing that. They would really be filling out those vacant spots directly whenever they are delisting one.
The cycle or system goes on and we know that getting listed on a known or number 1 exchange isnt something that so simple if we do speak about requirement and qualification.
Listed on Binance is never been simple for any project out there. It do really just turns out that there are projects which dont make it or didnt really get that attention or recognition.

actually delisting is familiar, just like other exchanges, binance also has their own rules and standards to be displayed on their market. and I believe binance does this not without deep reasons. it could be in terms of the security level of a coin or token, its liquidity and the commitment of the project team, and so on.
so it's not because of the influence of the recent news about binance

Regardless of the reasons binance may have had to do this, those which invest in altcoins need to always be ready for those kind of changes to take place, the owners of exchanges care not about the investors behind those coins, they care only about their own profits and if a coin is not presenting enough volume or for some reason it has become too problematic to keep it listed then they will get rid of it, it is that simple, and if that is the case those holding that altcoin need to have a plan to deal with that situation, as it is not rare for a significant drop to happen once that kind of announcement is made by an exchange.

I don't know why OP seems to not understand this system of Exchange ?  that they have the rights to delists whatever coins/tokens they think or seen to not worth being in their exchange.
as they are given notice before the delisting so nothing they can do , though they can always file for listing again just prove the exchange that they are worth being listed .

Not everyone would really be all knowing on which means that there would be those people who would really be just simply be able to skip out on things on which they do really believe that it is really just that on that way without any valid reason or some sort. They do really just that simply trying out to make some questions instead on trying to look for those answers using up their own common sense but well asking in the community
wont really be that bad either but honestly if you do really just simply understand on how business works then you would be able to find out that it would be normal that these platforms would really be
removing into those projects who dont have volume and would be replacing for another one which does have tons. Making money is always been the main priority and it is really normal that
they would really be doing such step as a business then it would be a common approach.

Delisting and listing then it would really be just that an endless cycle because these platforms do need to make some revenue so it is really just that right that they
will really be putting up those kind of system for a certain duration period.

Binance had notified users regarding the delisting. Same time the BUSD is getting conversion to FUSD. It looks like kind of marketing plans and I'm not sure of it. Lets wait and see as they've provided detailed schedule on delisting of trading pairs along with BUSD as well as requested users to convert to other assets or it gets automatically converted to FUSD on 1:1 ratio after the specified time period.

I think this is just normal action of a crypto exchange if they are seeing some disadvantages on their end.
So long they are informing their users and not just implementing the delisting of a particular pair without the knowledge of their traders.
Definitely, they are seeing some valid reasons not to continue its trading, it may be operational expenses, low trading volume among others.

I also feel surprised that the OP doesn't understand the market, even though the OP himself or anyone else can see examples of things like that nearby or around him by looking at market owners who don't put unsold goods into their sales stalls. Because it will only take up space and keep your money from circulating and you will have to throw it away when it is rotten.

Likewise with the conditions in the crypto market where market owners have very naturally removed coins and tokens that are not selling or have died without any interest on the market list. Because this does not benefit the market owner at all and only makes it a useless collection of rubbish in the market, it is clear that this does not need to be understood in a complicated way because it is what the market should do.

I am not surprised, if you have been around for years you should know that Binance and Kucoin exchange always delists coins and tokens from their platform and I believe that's because they lack enough trading volume, which shows that many investors are not buying them or trading them, this has nothing to do with CZ stepping down as the exchange CEO.

This have been going on for a long time and almost every crypto exchanges do it, either big or small, they delist less performing coins from their exchanges, some projects don't ever come back after a while, that's the problem with alternative cryptocurrencies, they can stop to active anytime, this is why they are high risk investments.

I think the coins delisted by Binance no longer have high volume and the project is no longer popular, Binance always provides notification before delisting.
So people should always monitor their notifications.

I think he does understand it. He even included a reason of the deletion. The only reason on why he asked this question is because he thinks there is something that Binance is hiding to us. He mentioned the current issue Binance is facing right now against SEC and he thinks Binance should give an exception to those said coin pairs because of it but no they didn't do it. It only shows that even at the end or no matter what happens, they are always committed on their service and always ensure that they can stick on their rules. That's great actually OP and besides, those coins are nothing anyway compared to the top coins. But I think you are triggered because you have invested on them. Aren't you?

Not sure why of all currencies and tokens that had been delisted from binance you are curious about these sets? are you using them for trading or staking?
what I do believe is the exchange has all the rights to List and delists projects but with formal notice and reason of course.

this will not tarnish their reputation instead this shows how their team working to make the exchange great again.

Binance exchange is a Huge business , I don't know what they need to feel guilt in something they have decided that will help theor company grow and profit more?

This is most likely the reason the OP is not happy with the decision of Binance, because in the end we know that this is something that exchanges do all the time, they simply delist the assets they think are not bringing them enough profit, now if binance announced that they were going to delist bitcoin or ethereum then that will be a completely different matter, and all kind of conspiracy theories would emerge under that scenario, not that I think it is possible, mind you.

Binance has been delisting coins and trading pairs every now and then. This is not new to them. They have been doing this for a long time already, so this is not in any way related to the cases they are currently facing. There are various reasons for them doing this. Other than the obvious lack or very low level of activity, volume, liquidity, etc. there are also other reasons such as if the project has turned out to be a scam or if it has been left unattended, etc.

the firts reason volume trade is very low
only few member is always trading, bad coin, coin founder not competent carrying away money after selling a lot of coins so binance coin delist to protect members from severe loss

Binance's delisting of some coins is similar to our removal of some projects that we feel are no longer profitable for us. This is completely normal, I wonder why the OP feels uncomfortable with it. We are all here for profit and exchanges are just like us, is OP willing to hold useless projects in his portfolio? If not, he shouldn't be sad because Binance did it and this has been going on for many years and is not new. But one thing, many exchanges are also doing it every day, but why does OP only mention and criticize Binance?

If they are delisting tokens, maybe they have not met the quota they need for volume on Binance. Now, if you think it's just not on the exchange despite the issues it's faced, that doesn't mean Binance is ignoring it.

That's not the case, and one more thing: the cases that Binance has faced with the issues you're talking about with their delisted tokens or coins on their platform exchange are a different matter. And there probably aren't that many people doing trading activity on their platform, so it had to be removed from their lists.

The simplest explanation is that they were affected by this move and they are not happy about it, and while it is something I can get as no one likes to lose money, at the same time we cannot take those kind of moves as personal either, because as you mention binance is also interested in making profits, and if a set of coins are not producing the volume they expected, it is acceptable they decide to take the decision to cut their losses short and delist those coins.

This has been their ways of operation for years now and I don't think they will change for any reason since most of the currencies listed in there trading platform hardly meet up their targets, mostly what causes them to act strictly on their exchange is to make sure that users funds are secured instead of seeing a massive dump on holders in their custody they mostly decide to delist them before any bad effect affect traders to enable them still maintain their prestige since their exchange is the number one digital currency exchange globally.

I'm not sure for now but Binance have their criteria before listing a coin and volume is one the key they test before bringing a new coin on the exchange, if after listing th coin and it failed to have volume, they have the right to take action on such pair which I think is often attached to email sent to the project and I think there use to be warning to the team before these happen just incase they have anything to increase the interest of investors in other to boost the volume but if they later fail to meet up, they will take action and delist.

Teams actions are also part of the reason why trading pairs can be delisted like if they find out that the team is a scam or have been acused of scam of any sort that can harm the investors, they have the right to take action to delist. They can also delist if pair is having issues with the law enforcement like the way SEC is hunting some projects been security and many more.