Binance is trialing a community-driven voting system for token delistings while also announcing the removal of five cryptocurrencies after an internal review.
By Parth Dubey
Updated
3 mins read
Leading crypto exchange Binance is rolling out a new community-driven system that allows users to vote on which tokens should be removed from the platform. The move comes in response to mounting criticism over the exchange’s recent meme coin listings.
The recent meme coin boom saw a wave of token listings across major exchanges, including Binance. However, several of these tokens, some only weeks old, have since shed over 85% of their peak value.
This has fueled allegations that exchanges are enabling early investors and insiders to offload their holdings at inflated prices, leaving retail traders with substantial losses. In February, even Binance founder Changpeng Zhao admitted that the exchange listing process is a “bit broken.”
As a result, Binance is shifting towards a more transparent and democratic delisting process. You can now participate in the newly introduced “Vote to Delist” program on Binance Square Official platform.
To participate, you must meet certain criteria: they need to hold at least 0.01 BNB in their accounts and be logged into their verified Binance profiles. There is a one vote per project limit, with a maximum of five votes per user.
Notably, cryptocurrencies that have already been announced for removal will not be eligible for voting.
While the voting results will be displayed in real-time, Binance clarified that community input will not be the sole factor determining delistings.
The exchange will also conduct a thorough internal review, considering trading volume, liquidity, development activity, network security, public communication, and overall transparency before making a final decision.
Meanwhile, Binance has also revealed that it is delisting five cryptocurrencies after a routine evaluation. The affected tokens are Aergo (AERGO), AirSwap (AST), BurgerCities (BURGER), COMBO (COMBO), and Linear Finance (LINA).
The exchange stated that these tokens failed to meet regulatory standards. The delisting will take effect on March 28, at 3:00 a.m. UTC, after which all spot trading pairs for the tokens will be removed.
Binance Futures positions for AERGO, LINA, and COMBO will be automatically closed and settled by March 27, at 9:00 a.m. UTC. After this date, the exchange will remove these tokens from Binance Simple Earn and other investment products.
By March 28, 2025, Binance Convert & Trading Bots will no longer support the delisted cryptocurrencies. The exchange has advised users holding these assets to manage their positions before the deadline.
It is important to note that these tokens will not be eligible for the new Vote to Delist initiative.
Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
A crypto journalist with over 5 years of experience in the industry, Parth has worked with major media outlets in the crypto and finance world, gathering experience and expertise in the space after surviving bear and bull markets over the years. Parth is also an author of 4 self-published books.