A Big Online Market for Digital Money is Removing 3 Coins
The world’s biggest marketplace for digital money, called Binance, has decided to stop all buying and selling of three specific cryptocurrencies. A cryptocurrency is a type of digital or virtual money that is secured using special computer codes, making it hard to counterfeit.
This change is planned for the middle of December. Because the news is already out, the prices of these digital coins have started to fall.
Which Coins Are Being Removed?
Binance regularly checks all the digital money listed on its website. It wants to make sure that each coin meets certain standards. For example, they check if:
- The team behind the coin is still working hard on the project.
- The project is being actively updated and improved.
- Enough people are buying and selling it.
- The coin’s network is safe from hackers.
After its latest check, Binance decided to remove three coins: StaFi (FIS), REI Network (REI), and Voxies (VOXEL). This will happen on December 17th.
This means you won’t be able to buy or sell these coins on Binance anymore. If you had any automatic orders to buy or sell them, Binance will cancel those for you.
What if I Own These Coins on Binance?
Here are the important dates you need to know:
- After December 18th: You won’t be able to put any more of these coins into your Binance account.
- Until February 16, 2026: You will still be able to take your coins out of Binance and move them somewhere else.
Why This News Matters for a Coin’s Price
Binance is the most popular place to trade crypto. When it decides to remove a coin, it can cause the coin’s price to drop quickly. This is because:
- It’s harder to buy and sell: Fewer people have access to the coin, which means there’s less trading.
- It can damage the coin’s reputation: People might think there is something wrong with the coin if a big exchange removes it.
Before the news, the prices of these coins were going up. But after the announcement, their prices started to fall. The price of FIS and REI went down by 2% in one day. You can see how the price of FIS changed in this chart:
Source: CoinGecko
This isn’t the first time this has happened. About a month ago, Binance removed other coins, and their prices dropped by a lot.
It’s Not Just About Removing Coins
Besides removing coins that don’t meet its standards, Binance also adds new ways to trade. This helps make trading easier for its users.
For example, at the end of November, it added 31 new “trading pairs” for people in Indonesia. A trading pair lets you directly swap one currency for another, like swapping Bitcoin for Indonesian Rupiah (IDR), which is the official money of Indonesia. This makes it much easier for people in Indonesia to get into crypto without having to first change their money into something like U.S. dollars.
The original article appeared on CryptoPotato.