Binance, the world's largest cryptocurrency exchange, announced that it is delisting Beam (BEAM), sending its price into freefall.
BEAM is down 30% over the last 24 hours, according to CoinMarketCap data.
The cryptocurrency trading platform said that the BEAM token failed to meet the high standards it expects from digital assets listed on its platform.
During the review, various criteria such as the commitment of the team to the project, level and quality of development as well as trading volume and liquidity were taken into consideration.
Binance will cease trading on all BEAM/USDT trading pairs today at 09:00 UTC and remove all trade orders in each respective pair.
Moreover, deposits will suspend from Jan. 27 01:00 UTC while withdrawals will continue until Apr. 27 01:00 UTC.Additionally, Binance Gift Card and Binance Pay will also take steps to delist BEAM tokens at the respective dates mentioned above.
The news caused immediate shockwaves, with traders franticly liquidating positions before prices could crash further.
Beam (BEAM) is a privacy-focused cryptocurrency that uses the MimbleWimble protocol. Developed and launched in 2019, it seeks to enable secure, anonymous, and untraceable transactions through a combination of advanced technologies.
Despite making waves in 2019, the Harry Potter-inspired failed to gain significant traction, currently sitting just in 691st place by market cap.
Binance might have just administered the coup de grace with its decision to delist the token.