- The price reaction of Multichain (MULTI) and Monero (XMR) to Binance’s delisting announcement underscores the significant impact centralized exchanges can have on individual cryptocurrencies.
- MULTI witnessed a sharp decline of over 27%, while XMR faced a substantial 17% drop.
Binance’s recent announcement to delist four tokens—Aragon (ANT), Multichain (MULTI), Vai (VAI), and Monero (XMR)—has triggered a significant market reaction. The exchange’s decision, citing a need to uphold industry standards and protect users, is leading to notable price collapses for MULTICHAIN and XMR.
Binance, one of the world’s leading cryptocurrency exchanges, declared on February 6 that it would delist Aragon (ANT), Multichain (MULTI), Vai (VAI), and Monero (XMR) on February 20. The move follows the exchange’s commitment to maintaining a high standard for listed tokens and responding to industry changes through thorough reviews.
As of the delisting date, trading pairs involving these tokens—ANT/BTC, ANT/USDT, MULTI/USDT, USDT/VAI, XMR/BNB, XMR/BTC, XMR/ETH, XMR/USDT—will cease. Binance emphasized that all trading orders for these pairs would be automatically deleted post the cessation of trading activity.
While VAI and ANT showcased minimal reaction to the delisting news, MULTICHAIN and XMR experienced significant declines shortly after the announcement. According to CoinmarketCap, MULTI faced a substantial 27% value loss over 24 hours, plummeting to $1.54, with its market capitalization following a similar trend to $22 million. The surge in trading volumes by almost 190% suggests active token transfers or position liquidation.
XMR, Monero’s native token, mirrored this downward trend, witnessing a remarkable 17% decline and trading at $137.77. Trading volumes surged by nearly 77% to $102 million, indicating heightened activity in response to Binance’s decision.
This event echoes a broader trend observed in the cryptocurrency market, where exchanges are becoming increasingly discerning about the tokens they list. Last December, OKX also announced the delisting of privacy-centric cryptocurrencies Monero and ZCash, citing stringent criteria. The industry’s growing focus on compliance and adherence to regulatory standards is prompting exchanges to reassess their token offerings.
Binance Delisting Sparks Market Turbulence: MULTICHAIN and XMR Take a Hit
Binance’s strategic decision to delist Aragon, Multichain, Vai, and Monero has created a seismic shift in the cryptocurrency market. The abrupt announcement led to substantial declines in MULTICHAIN and XMR, emphasizing the vulnerability of tokens to exchange decisions. This event serves as a stark reminder of the importance of compliance in the evolving crypto landscape, prompting investors and traders to reassess their portfolios in light of such regulatory-driven market shifts. As the market absorbs the impact, industry participants are closely watching how these tokens navigate the challenging terrain post-Binance delisting.
Disclaimer : This article was created for informational purposes only and should not be taken as investment advice. An asset’s past performance does not predict its future returns. Before making an investment, please conduct your own research, as digital assets like cryptocurrencies are highly risky and volatile financial instruments.
