Binance, the world’s largest cryptocurrency exchange, will delist PowerPool (CVP), a protocol for automating transactions. The news triggered an 8% drop in the altcoin’s price, pushing it into a short-term downtrend.
As per the official announcement from Binance crypto exchange, the delisting scheduled for August 26th, also affects Ellipsis (EPX), ForTube (FOR), Loom Network (LOOM), Reef (REEF), and VGX Token (VGX). Binance stated these tokens no longer meet its “standards or the industry landscape has changed.”
PowerPool responded to the delisting, calling the decision “completely unexpected.” The team claims Binance did not “provide any information on the specific reasons or triggers that led to the CVP delisting.” PowerPool highlighted its efforts to expand its reach and user adoption.
The protocol said that it had provided detailed reports to the Binance post-listing team after the exchange wanted to know about PowerPool’s activities. However, the exchange did not provide any feedback on the same and announced the delisting of the CVP token from its platform. The response further claimed:
“The team hasn’t sold any portion of the team token allocation yet (tokens were unlocked approximately a year ago).”
The protocol asked for the help of the digital asset sector to raise their voice against Binance, highlighting that the exchange was wrong to delist CVP despite the token being liquid and having substantial funding.
Meanwhile, data from CoinMarketCap shows PowerPool plunged from a high of $0.2414 to $0.19. While the token experienced significant losses in the past 24 hours, it’s currently trading at $0.2309 with a 3.3% increase. This heightened volatility suggests a fierce battle between buyers and sellers.
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