BTS, PERL, and TORN Crash After Binance Delisting Announcement

  • Binance announced it would delist BTS, PERL, TORN, and WTC on December 7.
  • Binance regularly delists tokens that no longer meet required standards or are affected by industry changes.
  • The trading pairs to be delisted include BTS/USDT, PERL/USDT, TORN/BUSD, WTC/BTC, and WTC/USDT.

Binance, the largest cryptocurrency exchange by trading volume, announced it would delist four digital assets, BTS, PERL, TORN, and WTC, from its platform on Thursday, December 7, 2023. In a blog post, the top crypto exchange noted that the delisting exercise is part of its regular review process to check that tokens listed on the platform continue to meet required standards.

According to Binance, when a coin or token no longer meets the required standard or the industry changes, it conducts an in-depth review which may result in delisting to protect users. Binance said that it considers several factors to determine if the listed digital assets would remain listed or be removed from its trading platform.

The announcement noted that the factors considered by Binance before delisting crypto assets include the commitment of a team towards its project, the level and quality of development activity around the coin or token, the digital asset’s trading volume, and liquidity, its stability and safety of the network from attacks, and the project’s network/smart contract stability.

Following Binance’s announcement, the affected tokens have experienced a significant selloff, amid panic among holders. BTS the native token of the BitShares financial services ecosystem nosedived. The value dropped from $0.01032 to $0.00597 in less than two hours, marking a remarkable drop of over 42%, according to data from TradingView.

PERL, the token that powers the retail carbon exchange PERL.eco, and is used for interconnecting real-world assets to blockchain,  also dropped significantly. From a price of $0.0177, it tanked to $0.00793, reflecting a 55% loss in value in under one hour.

Tornado Cash’s TORN lost 54.7% by dropping from $4.085 to $1.838 in less than one hour. The drop marked a significant setback for the crypto token used for voting and decision-making in the Tornado Cash ecosystem.

Finally, WTC, the native token of the public business ecochain Waltonchain, lost over 47% of its value, after dropping from $0.1662 to $0.0874 in less than one hour.

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