Binance delisting decision sends shockwaves through crypto market


Serum (SRM), Sonm (SNM), and (YFII) find themselves among the crypto market’s biggest losers today, with all three tokens experiencing substantial double-digit declines. As of the latest data, the value of SRM, SNM, and YFII has plummeted significantly, causing a stir in the cryptocurrency community.

Binance’s delisting decision

Binance, a prominent cryptocurrency exchange, has recently announced its intention to delist and cease trading on all trading pairs associated with Serum, DFI money, and Sonm. Effective August 22, this decision comes as a result of Binance’s periodic review of its listed digital assets.

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The exchange’s notice to its customers highlighted the need to maintain specific standards and adapt to industry changes, ensuring user protection.

Metrics and reasons behind delisting

Although Binance has not provided specific reasons for discontinuing support for these altcoins, the exchange did shed light on the evaluation process. Several key metrics, including team commitment, development activity, trading volume and liquidity, as well as network safety against attacks, were taken into account during the periodic reviews.

Altcoin prices drop in the market

Recent market data from CoinGecko reveals that Sonm suffered the most significant blows in its 24-hour performance, witnessing a 58% decline in value around 9:45 am ET. The token’s trading price dipped to approximately $0.105392.

Serum, another affected altcoin, faced a substantial 29% nosedive within the same timeframe. Its value dropped just above $0.05, leading to a 7-day return of -35% and a staggering decline of over 50% in the past 30 days.

Serum recognized as a project affiliated with FTX and Alameda Research, has fallen by a staggering 99.6% from its all-time high of $13 in September 2021., a yield farming aggregator derived from yearn. finance, also experienced a notable decline, with a 16% drop in the past 24 hours, pushing its trading value to around $605.

YFII faced a similar fate, suffering a decline of more than 24% over the past month and trading at a level that is over 93% lower than its all-time high of $9,251 in September 2020.

While these three altcoins face significant declines, most of the top 20 assets by market capitalization have maintained a relatively flat trading pattern. Bitcoin remains constrained below the $30,000 mark, and Ethereum struggles to breach the $1,900 threshold.