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Binance Confirms Delisting of 14 Tokens After Community Vote

Highlights:

  • Binance will delist 14 tokens on April 16 after a user vote and an internal project review process.
  • Over 93,000 valid votes helped decide which low-activity tokens would be removed from the platform.
  • Users can withdraw the affected tokens until June 9 before possible conversion into stablecoins.

Binance will delist 14 tokens on April 16 following the outcome of its first “Vote to Delist” initiative, which combined user input with internal reviews. The exchange announced this decision today and shared details of the process and timeline.

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The affected tokens are BADGER, BAL, BETA, CREAM, CTXC, ELF, FIRO, HARD, NULS, PROS, SNT, TROY, UFT, and VIDT. In addition, all trading pairs for these tokens will be removed at 03:00 UTC on the delisting date. Binance introduced the voting program last month, consisting of the “Vote to List” and the “Vote to Delist” approaches.

In order to participate in the vote, users had to keep at least 0.01 Binance Coin in their account. Over 103,000 votes were cast. After eliminating votes from ineligible accounts, Binance confirmed 93,680 valid votes. The vote helped Binance measure community sentiment, but the final decision also included a number of other internal factors. This consisted of no development progress, low trading volume, poor community engagement, and other issues related to project activity and structure.

Delisting Timeline and Future Token Risks Explained

The delisting spans a variety of decentralized finance platforms, infrastructure tokens, and projects that attracted lower numbers of users. Binance has also made it clear that while some tokens were removed in this round, others may face the same outcome in the future if they do not meet the necessary standards.

Deposits for the 14 tokens will be suspended in advance of the delisting, and although trading will stop on April 16, users will still be able to withdraw their holdings until June 9. Binance might then swap any remaining balances of the token into stablecoins for users after that date.

Voting Patterns Show Strong Community Support for Removals

According to Binance, the results favored the delisting of several tokens. As an example, around 5,000 people voted for TROY’s removal, and 3,500+ people voted for SNT. BADGER, BAL, and some of the others have also crossed the threshold to be removed from the platform. The vote was just one step of the decision-making process, but the results correlated very closely with Binance’s internal evaluations.

Some users noticed that the token FTT appeared high on the list, with over 10,000 votes. However, it was not removed in this round. While Binance did not provide detailed reasons for keeping FTT, it emphasized that all tokens go through a review process. The company also warned that exclusion from the current list does not guarantee a token’s permanent stay on the platform.

Binance said that the decision-making process considered several factors, such as the performance and activity of the project team, the project’s trading environment, and whether the project showed continued progress over time. The voting results reflected user frustration with certain projects, and Binance used this input along with internal checks to guide its action.

Important Dates and What Users Need to Know

Users holding the affected tokens should note that Binance will end trading at 03:00 UTC on April 16. At that time, Binance will also stop deposits and cancel any open orders involving the tokens. However, users can still withdraw their tokens for nearly two more months after the delisting. Binance will allow withdrawals until June 9, giving users time to move their assets. After that deadline, Binance may convert any remaining token balances into stablecoins.

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