Binance Shock: Monero, Multichain, Vai & Aragon Axed! Unraveling The Whys

Binance, the top crypto exchange globally, just told us they’re saying goodbye to four digital currencies. Monero (XMR), Multichain (MULTI), Vai (VAI), and Aragon (ANT) are getting the boot. Why? Well, Binance occasionally does this check-up, and these tokens didn’t make the cut this time.

The latest news says that starting Feb 20, 2024, at 03:00 a.m. UTC, some tokens won’t be available for trading anymore. This includes pairs like ANT/BTC, ANT/USDT, MULTI/USDT, USDT/VAI, XMR/BNB, XMR/BTC, XMR/ETH, and XMR/USDT. Also, you will get deposits for these tokens on Feb 21, 2024. And remember, you can’t withdraw these tokens after May 20, 2024.

Binance decided to remove these tokens after looking at many things. They checked how committed the project teams were, how much development was happening, the trading volume, how stable the network was, how well the teams communicated with the public, how quickly they responded to due diligence requests, and how much they contributed to a healthy crypto system if there was any proof of unethical behavior or neglect, that also influenced the decision.

Monero, famous for keeping things private, gets much attention from rules and watchdogs. Why? Well, its ability to let users stay undercover is cool, but it makes those in charge worry about bad stuff like money laundering and other shady deals.

Binance Ditches Monero Trading Pairs Amidst Scrutiny

Multichain, Vai, and Aragon didn’t cut Binance. They needed to match up regarding getting stuff done, trading action, and keeping things steady. Even though they’re not big names like Monero, Binance wants to keep things solid for its users, so these tokens got the boot.

Binance’s is taking Monero, Multichain, Vai, and Aragon trading pairs off its spot market. These pairs will also be gone from Binance’s margin trading, futures trading, and other services. This covers Binance’s Margin, Binance Futures, Binance Simple Earn, Binance Auto-Invest, Binance’s Loans, Binance’s Convert, Binance Gift Card, Binance Pay, and Trading Bots.

Even though they took it off the list, the CEX ensures your money stays safe. If your tokens get kicked out, whatever’s left will turn into stablecoins for you. There’s no need to worry. But remember, it’s not a sure thing; they’ll give you a heads-up before they do anything. Once it’s done, the stablecoins will show up in your account.

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The author’s views are for reference only and shall not constitute any investment advice. Please ensure you fully understand and assess the products and associated risks before purchasing.

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