Binance Community Voting May Lead to Delisting of 17 Altcoins

Binance, one of the world’s largest cryptocurrency exchanges, has initiated a community vote that could result in the delisting of 17 altcoins. This decision stems from the platform’s ongoing efforts to maintain high standards of quality and compliance within its listed assets. The altcoins in question are under scrutiny due to factors such as liquidity, trading volume, and regulatory compliance. Users and investors are advised to stay informed about the voting outcomes, as delisting could significantly impact market dynamics and asset valuations. Binance has emphasized transparency in this process, ensuring that community feedback plays a pivotal role in the final decision.

Will Binance Delist FTT?

The “Vote to Delist” and “Vote to List” initiative is part of Binance’s broader effort to involve its community in platform governance. The former allows users to vote on tokens flagged with a Monitoring Tag. 

These tokens are often identified as having higher volatility or risks, prompting Binance to evaluate their continued listing. While community votes play a significant role, the exchange emphasized that final delisting decisions will also depend on its internal review criteria.

“The voting result will not be the sole deciding factor to determine the final delisting decision. Monitoring of the project is still undergoing evaluation, and the decision will be determined by Binance based on our official review processes and standards. Additionally, the delisting timeline will depend on Binance’s procedures,” Binance noted.

Still, FTT’s position at the top of the list of 17 tokens puts it at substantial risk of being dropped from Binance. It has been under scrutiny since FTX’s collapse in November 2022. Moreover, the token has been undergoing a dominant downtrend since the beginning of the year.

According to the latest data, FTT’s price has dropped by 4.1% over the past day. At press time, it was trading at $0.81. This decline aligns with broader market reactions to delisting risks, as seen in the first round of voting.

Other tokens included in Binance’s second voting round also saw significant community pushback. Zcash (ZEC) and JasmyCoin (JASMY) received 8.6% of the votes each. Meanwhile, GoPlus Security (GPS) and PlayDapp (PDA) followed with 8.2% and 7.6%, respectively. 

Further down the list, Voxies (VOXEL) received 7.1% of the votes, followed by Alpaca Finance (ALPACA) with 6.3%. STP Network (STPT) received 5.9%, and Flamingo Finance (FLM) attracted 4.3%.

These tokens also saw notable price declines. JASMY and STPT led the pack, both dipping by around 6%, while other altcoins experienced more modest downticks.

The list also featured ARK (ARK) with 5.8% votes and Biswap (BSW) with 5.5%. MovieBloc (MBL) earned 4.2%, and Wing Finance (WING) received 3.8%. Ardor Platform (ARDR) earned 3.6%, while Perpetual Protocol (PERP) received 3.4%. Finally, NKN (NKN) and LTO Network (LTO) garnered 3.2% and 2.9%, respectively.

While voting results are provisional, the outcome could signal further difficulties for FTT and other flagged tokens. Market participants are now closely monitoring Binance’s final decision.