Binance announces delisting of anonymous token Beam
The cryptocurrency fell 27% after the announcement of the closure of trading on the largest cryptocurrency exchange
Binance will delist the anonymous cryptocurrency Beam (BEAM). The platform announced that based on its latest verification of the digital asset, it has decided to delist the token from its platform and stop trading it in the only available trading pair BEAM/USDT at 12:00 p.m. on January 26.
Beam is an anonymous cryptocurrency that uses the MimbleWimble privacy mechanism. Transactions in Beam are confidential by default: information about the sender and recipient is not saved. The altcoin's capitalization currently stands at $12 million.
Beam trading on Binance was opened in September 2019
All trade orders on Binance will be automatically deleted when trading ceases on Jan. 26. Deposits of BEAM will be blocked from January 27, and withdrawals of this cryptocurrency from Binance will be supported until April 27.
Binance gift cards to Beam will be removed on January 25 at 12:00 pm . The Binance Pay service will eliminate the token on January 26 at 12:00 p.m. . Trading strategies for BEAM/USDT pair will also be terminated on January 26 at 12:00 .
After Binance's announcement, the token rate fell 27%. In three hours the price of Beam fell from $0.11 to $0.08. As of 10:30 a.m., the token is trading at $0.09, a daily decline of 25%, according to CoinGecko. Beam's daily trading volume over the past 24 hours was $6.4 million.
The removal of private tokens from major exchanges began gaining momentum last year. In September, Huobi eliminated 7 anonymous cryptocurrencies, including Monero and ZCash. In December, Binance removed trading pairs with token anonymization service Tornado Cash.
According to experts, the trend of delisting private coins on cryptocurrency exchanges will continue, as platforms "would prefer friendship with regulators rather than confrontation over a few cryptocurrencies."
Binance also announced that it will stop lending NEXO and POLS tokens for Cross Margin trading and ALCX, NEXO, POLS and TOMO tokens for Isolated Margin trading.
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