As an analyst with years of experience in the volatile world of cryptocurrencies, I find myself deeply concerned about the recent decision by Binance to delist WRX, AKRO, and BLZ. The rapid drop in value following this announcement is a stark reminder of the risks inherent in this sector.
One of the biggest blows for all WazirX holders has seen as Binance announce its plans to delist the WRX token. The news sent shockwaves through the WazirX community, with WRX dropping by nearly 40% in just one hour following the announcement.
On December 25, 2024, at 03:00 UTC, the exchange has announced that WRX, AKRO, and BLZ will no longer be available for trading on their platform.
Originally, the asset was worth approximately $0.212 prior to the announcement, but it has since fallen dramatically to $0.1189. This suggests a substantial decrease in its market worth. Over the past day, its price dropped nearly 51%, currently holding a market capitalization of $45.8 million and a 24-hour trading volume that declined by 24% to reach $20.38 million.
The news emerges at a time when there’s growing buzz concerning WazirX, particularly after rumors arose suggesting Binance might rescue the exchange due to a major hack. Yet, these allegations were quickly refuted by WazirX leadership, who clarified that the actions were simply short-term fund consolidation and asset rebalancing – not a bailout operation.
Beyond WazirX’s WRX token, Binance will also remove Kaon’s AKRO and Bluzelle’s BLZ tokens from their platform. These selections were made following a thorough examination that took into account factors like the commitment and interaction of the project teams, trading activity levels, and overall network stability.
Binance emphasizes that it regularly assesses the assets listed on its platform to make sure they align with the exchange’s rigorous standards, especially given the dynamic nature of regulatory requirements.
As a researcher, I’m informing you that certain tokens will be removed from all spot trading pairs on our platform. Specifically, the pairs AKRO/USDT, BLZ/BTC, BLZ/USDT, and WRX/USDT will no longer be available after December 25, 2024, at 3:00 AM (UTC).
Users should close any active positions they have, followed by moving their holdings into a designated wallet during the token delisting process. Starting December 26, 2024, Binance will no longer accept deposits for these specific tokens, and all withdrawals for WRX, AKRO, and BLZ will be halted permanently on February 25, 2025.
From that date onwards, these tokens will be converted into stablecoins; however, it’s important to note that this conversion doesn’t automatically imply so, and any updates regarding the conversion process will be communicated separately by Binance.
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2024-12-18 15:03