Monero and Multichain collapse amid Binance’s recent announcement to delist

The cryptocurrency exchange will delist four tokens from the platform.

According to the crypto exchange’s announcement on Feb. 6, Binance will delist Aragon (ANT), Multichain (MULTI), Vai (VAI), and Monero (XMR) on Feb. 20.

“When a coin or token no longer meets this standard or the industry changes, we conduct a more in-depth review and potentially delist it. We believe this best protects all our users.”

Binance announcement

As of this date, Binance will stop trading ANT/BTC, ANT/USDT, MULTI/USDT, USDT/VAI, XMR/BNB, XMR/BTC, XMR/ETH, XMR/USDT. In addition, on the specified day, all trading orders will be automatically deleted after trading ceases in each corresponding trading pair.

At the time of writing, VAI and ANT had practically no reaction to the news of the delisting from Binance. However, MULTI and XMR collapsed shortly after the announcement.

According to CoinmarketCap, MULTI has lost more than 27% in value over the past 24 hours, dropping to $1.54. Market capitalization fell by the same percentage, falling to $22 million. However, token trading volumes increased by almost 190%, which may indicate that traders are transferring the token or liquidating their positions.

Monero and Multichain collapse amid Binance's recent announcement to delist - 1
Source: CoinmarketCap

XMR also reacted with an impressive decline, falling 17%. At the time of writing, the token is trading at $137.77. Trading volumes also jumped nearly 77% to $102 million.

Monero and Multichain collapse amid Binance's recent announcement to delist - 2
Source: CoinmarketCap

Last December, the OKX crypto exchange announced the delisting of anonymous cryptocurrencies Monero and ZCash. The platform cited the reason for deleting trading pairs as “not meeting its strict criteria.” From Dec. 27, 2023, the platform stopped accepting deposits in FSN, ZKS, CAPO, CVP, XMR, DASH, ZEC, and ZEN tokens. The withdrawal of these cryptocurrencies will be available to users until March 5, 2024.

You might also like: OKX announces user compensation plan in wake of OKB price crash
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