Binance announced plans to delist four cryptocurrency projects.
The delisting crypto projects include Mithril (MITH), Tribe (TRIBE), Augur (REP), and Bitcoin Standard Hashrate Token (BTCST).
Mithril has requested a refund of 200k BNB from Binance after the crypto exchange delisted its token.
The move is part of the exchange's routine evaluation of currencies and tokens listed on the platform. This evaluation is carried out using indicators like the team's commitment to the project, trading volume and liquidity, and the network's stability and safety, among other crucial signs.
Binance further noted that deposits made after December 22 will not be credited to users' accounts for MITH/USDT, REP/USDT, TRIBE/USDT, and BTCST/BUSD trading pairs.
Immediately after the announcement, the decentralized social media protocol Mithril (MITH) issued the following statement on Twitter:
“Today, Binance has announced that it will delist MITH. As part of the MITH listing, Binance required a 200k BNB deposit, which was never repaid. On behalf of the Mithril community, we request CZ to return this deposit so that Mithril can continue to operate.”
At the time of the initial listing, 200K Binance tokens were valued at $1.9 million. As of this writing, it was valued at $50.8 million.
As per reports, the decentralized social media protocol has made some significant donations to Binance Charity and collaborated on various efforts as part of its long-standing working relationship with the company, which began in 2018.
In addition, Mithril's token, which trades under the symbol MITH, was the first to launch on the Binance Chain in April 2019. It was also the first listed pair on the Binance decentralized exchange.
And, as we all know, having a token listed on the world's largest crypto exchange is a valuable asset for any project. However, the delisting of that project may face a backlash from the crypto community.
Following the announcement of the project's delisting, the MITH token dropped by more than 30% in less than two hours. Meanwhile, the token rebounded and gained momentum during today's trading session.
At the time of writing, the MITH token is trading at $0.00839. The token also increased by more than 10% in the last 24 hours. Experts believe that a breakout above the 20 and 50 SMAs will trigger the token to climb even further.
What are your thoughts about the delisting of crypto projects by Binance? Will the move have an impact on the functioning of delisted cryptocurrency projects? Share your views in the comment section below.
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