Binance to delist 14 tokens in first-ever “Vote to Delist”

Binance is in the process of smooth 14 tokens of his platform on April 16, following the results of his first lot of the “Voting to Delist” initiative.

The delimited tokens include Badger, Bal, Beta, Cream, CTXC, Elf, Firo, Hard, Nulls, Pros, Snt, Troy, Uft and Vidt. In a announcement Made of April 8, Binance explained that radiation follows both internal exams and the results of a community vote.

More than 103,000 votes were expressed by more than 24,000 participants, and after filtering unacceptable votes, around 93,000 votes were validated. To be eligible to vote, users had to contain at least 0.01 Binance Coin (Bnb).

Low negotiation volumes, lack of projects development, lack of community involvement and non-compliance with internal or regulatory standards of the platform are some of the reasons provided by Binance for the delimitation. The exchange pointed out that tokens that were not struck off in this round could still be deleted later if they do not meet the requirements.

All trading pairs against the 14 impacted tokens will be deleted at 3:00 am UTC on April 16, and the deposits for tokens will be suspended. However, users will always be able to remove these tokens until June 9, after which the remaining sales could be converted into stablecoins.

This action follows on March 31 of Binance radiation of the attachment (USDT) Trading in cash in the European Economic Area to comply with regulations on the newly promulgated markets in cryptocurrencies. Mica aims to improve surveillance and responsibility for digital assets within the EU by demanding exchanges to delimit tokens that do not meet specific compliance standards.

Exchanges must demonstrate that they respond to guidelines for improved safety, transparency and compliance with the fight against money laundering regulations. The increase in regulatory pressure has forced the exchanges to be more selective on the tokens they support in the region.