Binance to Delist 14 Crypto Assets on April 16th Using Vote to Delist Model

Leading crypto exchange Binance has announced its intention to remove 14 cryptocurrencies. The exchange’s recently introduced “Vote to Delist” model drove the delisting decision. Notably, this is the first batch of such a process. Following the announcement, most of these tokens experienced significant price tumbles.

The affected tokens includes Badger DAO (BADGER), Beta Finance (BETA), Balancer (BAL), Cortex (CTXC), Cream Finance (CREAM), Aelf (ELF), Firo (FIRO), NULS (NULS), Status (SNT), Kava Lend (HARD), Prosper (PROS), UniLend (UFT), TROY (TROY) and VIDT DAO (VIDT).

The delisting is scheduled for April 16th at 03:00 UTC, and trading on all spot pairs will cease. After this date, the platform will no longer credit deposits of these tokens and will support withdrawals only until June 9th at 03:00 UTC.

Why Delist?

The announcement explained that 24,141 participants cast a total of 103,942 votes. However, 93,680 were regarded as eligible after 10,262 invalid votes (e.g., from fake accounts or exploitative behaviors) were discarded. Tokens like TROY (4,985 eligible votes) and SNT (3,533 votes) ranked top in the final tally, reflecting strong community approval for their removal.

BADGER and BAL, amongst others, were delisted based on Binance’s review. Notably, the FTT token ranked third on the Vote to Delist list with over 10,000 votes. However, it remains firmly on Binance without being delisted.

Some key factors contribute to the final delist decision. They include the project team’s commitment, development activity, trading volume, liquidity, network stability, community engagement, transparency, and compliance with regulatory standards. Additional considerations involved evidence of unethical conduct, tokenomics changes, or project ownership shifts.

Vote To Delist Mechanism

Last month, Binance introduced a community-driven governance model for its listing processes. This birthed the Vote to List and Vote to Delist models.

This initiative empowers its community to influence which tokens remain on the platform. This marks an outstanding step toward community-driven governance in the crypto space.

The leading crypto custodian has delisted several cryptocurrencies in the past. It tagged others with a Monitoring Tag, with the possibility of a future delisting. The crypto exchange believes this action contributes to “a healthy and sustainable crypto ecosystem.”