Binance Is Delisting 14 Tokens From Its Platform on April 16

input: Binance is planning to delist 14 tokens from its platform on April 16 in a move designed to purge low-quality projects that do not adhere to the crypto exchange’s tighter listing requirements.

Binance is set to delist 14 tokens from its platform on April 16, selecting low-quality projects that do not meet the exchange’s tighter listing requirements.

The tokens being delisted are: Badger (BADGER), Balancer (BAL), Beta Finance (BETA), Cream Finance (CREAM), Cortex (CTXF), Aaelf (ELF), Firo (FIRO), Kava Lend (HARD), NULS (NULS), Prosper (PROS), Status (SNT), TROY (TROY), UniLend (UFT) and VIDT DAO (VIDT).

Image: Binance

The decision follows a “comprehensive evaluation of multiple factors,” including the exchange’s first “vote to delist” results, where community members nominated projects with less than stellar metrics, Binance announced on April 8.

Other factors included the team’s commitment to the project, development activity, trading volume and liquidity, network stability, responsiveness to Binance’s due diligence requests and new regulatory requirements.

The crypto exchange has been tightening its listing requirements throughout the past year in a move designed to boost investor protections.

In March 2024, Binance extended the so-called “cliff period” — or the length of time listed tokens can’t be sold — to at least one year, according to Bloomberg.

The move came after a community member on the Binance Chain forum posted a request to vote for tokens that should be delisted from the exchange. In the post, the user said they were hoping to see projects with "little to no activity" in the past year, no trading volume and a lack of community engagement selected for delisting.

The tokens that were nominated included Kava Lend (HARD), Aelf (ELF), NULS (NULS), UniLend (UFT), Balancer (BAL) and Troy (TROY).

As tokens proliferate, listing requirements tighten across the board

Binance isn’t the only cryptocurrency exchange to tighten its listing requirements amid increased regulatory scrutiny.

Last October, Bitget announced an overhaul of its token listing process, prioritizing factors such as fully diluted valuation, investor lock-up periods and project business plans.

In South Korea, crypto exchanges have also beefed up their listing requirements due to new regulations, which included limitations on tokens that have been traded domestically for less than two years.

Stringent listing requirements are also needed to weed out the flood of new tokens that are hitting the market every day.

In the wake of the memecoin mania, platforms like CoinMarketCap track a staggering 13.24 million cryptocurrencies. The actual number of cryptocurrencies far exceeds that level.

Some analysts have argued that the oversupply of tokens partly explains why the long-awaited “altseason” never really took off this cycle.

The surge in the number of cryptocurrencies may have diluted altseason. Source: Ali Martinez

“Today, there are over 36.4 million altcoins, compared to fewer than 3,000 during the 2017-2018 alt season and even fewer than 500 altcoins in 2013-2014,” crypto analyst Ali Martinez wrote on social media.