World's largest cryptocurrency exchange, Binance, has disclosed plans to remove another batch of tokens from its already listed cryptocurrencies.
The move usually comes after the tokens have been duly monitored and flagged as highly volatile and risky to its users. Specifically, the assets have been considered unfit for the exchange's listing standards.
Binance to cease spot and futures trading
Following an official announcement released by the exchange earlier today, ICON (ICX), Secret (SCRT), and Storj (STORJ) will stop trading on Binance starting next month.
With the official delisting date scheduled for September 3, 2026, Binance revealed it will remove the aforementioned crypto assets from all spot trading pairs.
Nonetheless, it further noted that the delisting will extend beyond just spot trading, as its Futures market will close and automatically settle existing trades tied to the three tokens on August 26, and new positions will be prohibited later that day.
In addition to this, Binance revealed it will also suspend borrowings for the affected assets on Binance Margin from tomorrow, August 21, before removing them from Cross, Isolated, and Portfolio Margin on August 26.
Withdrawals open until November
While the delisting of the assets has been scheduled for next month, Binance has given holders an extensive deadline of over two months to withdraw or convert their funds.
The company warned that deposits of the three crypto assets will stop being credited after September 4. Meanwhile, it will keep withdrawals open until November 3 for holders to secure their funds until the removal is completed.
Nonetheless, the firm further mentioned that holders who fail to withdraw their assets before the provided date will have their tokens automatically converted into stablecoins on November 4.
U.Today Editorial Team
Dan Burgin
