Binance has announced that it will delist Serum (SRM), Sonm (SNM), and DFI.Money (YFII) on August 22, 2023.
The news of the delisting has led to double-digit declines in the price of the tokens.
Bitget has suspended SRM, SNM, and YFII deposits with immediate effect in anticipation of massive transfers from Binance.
Binance announced earlier today that it would delist and cease trading on all trading pairs for Serum (SRM), Sonm (SNM), and DFI.Money (YFII), starting August 22, 2023. The world’s largest crypto exchange’s decision to delist the tokens led to double-digit declines in their prices, with one tanking as much as 50% within minutes of the announcement.
Bitget Suspends SRM, SNM & YFII Deposits In Response To Binance
Binance published a blog post on its official website earlier today, which stated that the decision to delist the tokens was taken following a periodic review of all listed crypto assets on the platform. The crypto exchange made its decision based on several factors, including the commitment of the team to the project, level and quality of development activity, network stability, and trading volume and liquidity among other things.
When a coin or token no longer meets this standard or the industry changes, we conduct a more in-depth review and potentially delist it. We believe this best protects all our users.”
Following its delisting from Binance, Serum (SRM) proceeded to tank more than 25%, reaching as low as $0.538. The token’s daily trading volume skyrocketed 259% as traders rushed to market dump their holdings. Sonm (SNM) lost a whopping 51% of its value, sinking to a nearly 1-year low of $0.138. Similar to SRM, SNM’s trading volume jumped 800% likely due to traders scrambling to offload their holdings. DFI.Money (YFII) had the most dramatic decline of all, tanking nearly 65% to a 2-month low of $579.
Crypto exchange Bitget announced earlier today that it had suspended SRM, SNM, and YFII deposits with immediate effect. The decision was likely made in anticipation of the traders attempting to transfer their tokens from Binance in order to eventually dump them.