Binance delists new tokens
In addition to the conversion, Binance also disclosed plans to delist six additional tokens, including Loom Network Loom Network (NEW)
LOOM
-2.78%
Loom Network (NEW) and VGX Token
, starting Aug. 26. The decision was attributed to factors such as project team commitment, development quality, trading volume, network stability, and regulatory compliance. Amid the news, LOOM dropped by over 12%, while VGX saw a more severe decline, losing more than 25% of its value.
This move marks another step in Binance’s evolving relationship with USDC, following a decision two years ago to concentrate liquidity by removing a basket of stablecoins, including USDC, from its trading pairs. However, in response to regulatory developments like the EU’s Markets in Crypto-Assets (also known as MiCA) framework, Binance reintroduced USDC trading pairs and even converted the assets in its billion-dollar Secure Asset Fund for Users into USDC.