TL;DR
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Binance’s removal of 14 altcoins sent prices crashing, with CREAM and BETA sinking nearly 60% on the news.
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In contrast, the company’s support can lift prices, as seen when meme coin MEW jumped 15% after being added to Binance Alpha last week.
The Binance Effect
The world’s largest crypto exchange will remove 14 altcoins from its platform on April 16. Those include Badger (BADGER), Balancer (BAL), Beta Finance (BETA), Cream (CREAM), Cortex (CTXC), aelf (ELF), Firo (FIRO), Kava Lend (HARD), NULS (NULS), Prosper (PROS), Status (SNT), TROY (TROY), Unilend Finance (UFT), and VIDT DAO (VIDT).
The delisting comes after a community voting and Binance revealed that a total of 24,141 participants took part. It is worth noting that only users who held a minimum balance of 0.01 BNB in their accounts were eligible to cast a vote.
The exchange explained that the tokens’ valuation will no longer be displayed in people’s accounts after delisting.
“Deposits of these token(s) will not be credited to users’ accounts after 2025-04-16 03:00 (UTC). Withdrawals of these token(s) from Binance will not be supported after 2025-06-09 03:00 (UTC),” it added.
The conversion of the removed assets into stablecoins before June 10 is possible, although Binance said that it “is not guaranteed.”
All cryptocurrencies that will be removed from the platform next week nosedived by double digits. CREAM and BETA were among the worst-affected ones, registering steep daily declines of almost 60%.
This shouldn’t come as a surprise since the end of support from a crypto behemoth like Binance reduces liquidity and damages the reputational value of the involved assets.
The Opposite Outcome
Conversely, embracing a new cryptocurrency or adding further services often boosts the price of the asset in question.
A similar event occurred at the start of the month when the exchange placed the cat-themed meme coin Cat in a Dogs World (MEW) into its Binance Alpha section. The latter is a platform within the company’s ecosystem that highlights promising crypto projects. It acts as a pre-listing selection stage, potentially leading to official inclusion in the exchange.
MEW’s price soared by 15% shortly after the announcement, but the bears stepped in the following days and erased the gains.
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