Binance Fuels Massive Crash for Four Altcoins

Binance Delists Four Altcoins, Triggering Significant Price Drops

Major cryptocurrencies like Ethereum (ETH), Ripple (XRP), and Solana (SOL) have seen declines of 5% to 8% in the past 24 hours, mirroring a broader downturn in the market. However, four less prominent tokens have experienced far more severe losses, with the primary catalyst identified as Binance.

The world’s largest cryptocurrency exchange recently completed another review of the digital assets available on its platform. This assessment evaluated whether the tokens met industry standards, including factors such as team commitment, development activity, trading volume, liquidity, and network stability.

Following this analysis, Binance announced it would cease all services for Contentos (COS), Dar Open Network (D), Highstreet (HIGH), and MOBOX (MBOX). The delisting is slated for June 19, but the announcement alone has already led to a sharp price collapse for the affected coins. Each has fallen by over 25% in a single day, with COS suffering the most significant decline, dropping approximately 31%.

Such drastic price volatility is not unexpected. Losing support from a major exchange like Binance typically results in reduced liquidity, decreased accessibility, and reputational damage for the delisted assets.

This move follows a similar pattern from just a few weeks prior, when Binance delisted Automata (ATA), Harvest Finance (FARM), Enzyme (MLN), Phoenix (PHB), and Syscoin (SYS), which also triggered notable price reactions.

Binance also removed several trading pairs, including AXL/BTC, CRV/BTC, EGLD/BTC, OPN/BNB, POL/ETH, QTUM/USDC, and SKY/BTC. While this action did not result in a substantial price drop, the complete termination of trading services for the four aforementioned tokens has had a more pronounced impact.

Binance to Support NEAR Protocol Network Upgrade

In separate news, Binance has confirmed its support for the upcoming NEAR Protocol (NEAR) network upgrade and hard fork, scheduled for June 10. The exchange will temporarily suspend token deposits and withdrawals on the NEAR blockchain during this period.

Binance has pledged to manage all technical aspects for its users, assuring that operations will resume once the upgraded network is deemed stable. The exchange also stated that trading of the NEAR token will not be affected.

This type of network upgrade support is a standard procedure that Binance has undertaken multiple times previously, with no significant complications reported to date. In late May, the exchange briefly halted deposits and withdrawals on the Ethereum network for wallet maintenance. Prior to that, similar measures were implemented to support upgrades across other blockchain ecosystems, including Cardano and BNB Chain.