In a significant move that sent shockwaves through the cryptocurrency market, Binance, the world’s largest cryptocurrency exchange by trading volume, announced the delisting of three altcoins—BakeryToken (BAKE), Hifi Finance (HIFI), and Self Chain (SLF)—resulting in sharp price declines for the affected tokens.
The announcement was made in the early hours of September 3, during the Asian trading session, prompting an immediate market reaction. Starting September 17 at 03:00 UTC, Binance will discontinue trading for these altcoins across all trading pairs, leading to automatic cancellation of outstanding trade orders. The exchange warned users that Trading Bots services for these pairs would also be terminated, emphasizing the need for users to update or cancel their bots to avert potential losses.
Cryptocurrency traders reacted swiftly to the news, with BAKE and SLF experiencing double-digit drops, while HIFI registered a more modest decline of 7%. This trend mirrors patterns observed in past delistings by Binance. For instance, an April announcement involving the delisting of 14 altcoins resulted in significant price crashes, with some tokens losing more than 40% of their value.
The exchange typically undertakes such delisting actions following thorough periodic reviews. Binance clarified that it prioritizes ensuring that its listed tokens meet established standards and industry requirements. Factors such as team commitment, ownership structure changes, trading volume, and liquidity are taken into consideration during these reviews. “When a coin or token no longer meets these standards or the industry changes, we conduct a more in-depth review and potentially delist it,” Binance explained.
Moreover, users should note that deposits of BAKE, HIFI, and SLF will not be accepted after September 18, and any withdrawal requests will be unsupported post-November 18. To mitigate potential losses, Binance advised users engaging in Spot Copy Trading to cancel or adjust their portfolios by September 10, as outstanding assets will be liquidated at market price or moved to users’ Spot Accounts if unsellable.
This announcement has raised concerns among investors and traders, who are now closely monitoring the evolving landscape of altcoins amidst an increasingly volatile market environment. As Binance continues to refine its offerings and delist tokens that do not align with its standards, the future trajectories of these affected altcoins remain uncertain.
