Yesterday, Binance announced the delisting of WazirX (WRX), Bluzelle (BLZ), and Akropolis (AKRO) tokens. The decision came as a result of the platform’s regular review of cryptocurrencies that may no longer meet regulatory requirements. Following the announcement, the tokens’ prices fell by up to 60%.
Reasons for Delisting
Binance routinely reviews its listed tokens based on various factors such as development activity, trading volume, network stability, and compliance with regulatory standards. In the case of WRX, AKRO, and BLZ, exchange representatives stated that these tokens no longer meet the required criteria.
Delisting is not only a blow to token prices but also a warning signal to the market about potential risks to their long-term viability. Removal from the largest centralized crypto exchange may affect investors’ trust in these projects and impact their future prospects.
After the delisting announcement, token prices dropped between 20% and 60%. WRX, the token of the popular Indian crypto exchange WazirX, suffered the most, plunging nearly 60% to around $0.10. This is a significant short-term setback for investors, especially given that WRX once peaked at $5.94.
AKRO and BLZ also experienced substantial losses. AKRO’s price decreased by 25%, while BLZ fell by 24%, trading at $0.075 at the time of writing.
What Investors Should Do
After Binance removes these tokens, users can still withdraw their funds and manage their assets, but only until February 25, 2025. Trading pairs for WRX, AKRO, and BLZ will be removed on December 25, 2024, and deposits will no longer be credited starting December 26, 2024.
The exchange recommends that users holding these tokens close their positions in advance to avoid potential liquidity issues in the future. Those who choose to keep the assets will have access to withdrawal functions only.
WazirX Recovery Plans
Alongside the negative news for WazirX, the exchange continues working on restoring its operations following a major $230 million theft in July 2024. In response, company representatives announced the launch of a decentralized exchange (DEX) option, which they claim will improve the user experience and offer innovative features.
The exchange also introduced a recovery mechanism for users through Recovery Tokens (RT), which will be distributed to affected customers as compensation for losses incurred during the hack.
This post is for informational purposes only and is not an ad or investment advice. Please do your own research making any decisions.
