How To Sell Delisted Coins On Binance?

If you sell or invest in crypto, you need to know what to do when an exchange takes a coin off their list. This post will talk about why a coin might be delisted, the risks that might come with it, and what you can do when a coin is delisted.

We'll also show you step-by-step how to move a coin from one exchange to another and give you some extra advice on how to deal with a coin that has been taken off the market. So let's find out how to sell delisted coins on Binance.

What Does Delisting Mean?

Binance App On Mobile

When an asset is delisted, it is taken off the market. It can happen either because the project team asks for it or because the asset's team or the asset itself no longer meets the exchange's listing standards. An exchange may decide to take an item off of its list for some reason. Here is a list of some of these factors:

The team's dedication to the project as a whole.
Quality and amount of work being done on growth.
Make sure the network and/or smart contracts are stable.
How much does the project team talk to the public?
Dealing with requests from an exchange for due research.
Proof of dishonest or false behavior.
Whether the project is adding to a blockchain and cryptocurrency environment that is healthy and will last.
Other reasons why the exchange doesn't want to do business with the project or thinks it's too dangerous.

All of an asset's trade pairs are taken away when it is delisted from an exchange. You might still be able to trade the asset on other platforms, like decentralized ones, or over-the-counter (OTC), but you won't be able to trade it on the exchange that took it off the market.

Once the trade pairs for the delisted asset are taken down, users will still be able to withdraw the asset from the exchange for a certain amount of time. Because of this, users can still get their money out of the exchange even though trade isn't possible on the platform anymore.

Is It Worth Holding Still?

This is where a smart investor looks at WHY the coin is being taken off the market. This will help you quickly decide if you still want to hold on to this coin.

There will always be times when you could keep the coin but know that you are taking a big risk because there won't be nearly as much demand as there was before it was taken off the market.

Crypto chart

CHAT, ICN, BCN, And TRIG Delisted On Binance

This is a bad thing, but let's try to figure out why these coins were taken off the market. You can't be doing this study now because it's already too late. If you were a careful trader, you might be able to find a chance to get these coins for a very low price. Let us find out what it is.

Chatcoin (CHAT)

You can see why someone was taken off the list if they ran principles on this coin. Beechat is an instant messaging app that runs on the QTUM Blockchain. Chatcoin is its native token. Even though this is great, if this business tried to compete in the instant messaging market, it would have to go up against big names like Facebook, Kakao, and Telegram, to name a few.

Iconomi (ICN)

The technical service Iconomi lets anyone invest in and take care of digital assets. You can invest with vetted cryptocurrency portfolio managers on their site, which lets you put your money into groups of different digital assets.

Bytecoin (BCN)

For a good reason, this coin was taken off the market not long ago. The team mined 90% of these coins without being seen, so they could easily pump and dump them. This coin came out in 2014 with a blockchain that was already two years old. One of their hardforks was Monero (XMR), which was made with the same technology that makes BCN bad.

Triggers (TRIG)

At first glance, the coin seems to be dead. The people they're trying to reach are very small, and their token usefulness doesn't give investors any kind of return, not even a slow one like with utility tokens. Being taken off of Bittrex was the last straw, and now being taken off of Binance is the final straw.

If you trade cryptocurrencies, this coin is dead. Since Blockchain is always changing, this is just proof that it might not be the best way to make "Smartguns." Time will tell when they can share something (anything) to show that they deserve the $246M market cap that they reached in December of last year.

Selling The Coins

If you don't want to keep the delisted coins in your account, it might be best to sell them. You may have to sell the coins on an over-the-counter (OTC) market or a peer-to-peer (P2P) exchange if you want to get them.

Regular platforms might not have them in stock anymore. Getting rid of a delisted coin, on the other hand, can be hard, and you might have to offer lower prices.

Transferring A Coin From One Exchange To Another

To move a coin from one exchange to another, you need to sign up for an account on each, make sure the other exchange supports the coin, create a deposit address, start a withdrawal, and confirm the transaction.

You should also remember that different swaps may have different minimum deposit amounts and fees for withdrawals. Make sure you know about these before you start a transfer.

Additional Tips On Handling A Delisted Coin

It's important to get help from a financial advisor or crypto expert when dealing with a delisted coin. You should also do your study and carefully weigh the risks and benefits of each choice. You should also think about the minimum deposit and withdrawal fees.

Gold Coin

Reasons Behind Binance Delisting Coins

Regulatory Compliance

One main reason Binance takes coins off its list is to follow the rules set by regulators. As the Bitcoin business grows, so do the rules and requirements set by regulators. Binance has to follow these rules because it is a controlled exchange and needs to protect its users' money.

Lack Of Activity Or Development

If a coin doesn't see much engagement or growth, Binance may take it off their list. If a project doesn't keep its communities engaged, keep its technology up to date, or show progress on its roadmap, it might not meet Binance's listing requirements anymore.

Security Concerns

Binance can remove a coin from its list if it has security holes or problems with the technology that powers it. When it comes to cryptocurrencies, security is very important, and platforms like Binance take steps to protect their users' money.

Low Trading Volume

Coins that don't trade very often could be taken off of Binance's list. Users may find it hard to buy or sell these coins when they don't have enough liquidity, which can make dealing less enjoyable. Binance wants to give its users a safe and reliable place to trade, and taking off the list of coins with low traffic helps keep liquidity.

Legal Risks

If a coin is linked to illegal actions or poses legal risks, Binance may take it off its list. Know-your-customer (KYC) and anti-money laundering (AML) rules must be followed for exchanges to function legally. Binance does a lot of research to make sure that the coins it lists are legal.

Person Holding Mobile

Community Concerns

Feedback and feelings from the community can also affect Binance's choice to remove coins from its list. If a coin's community raises worries about its legitimacy, usefulness, or openness, Binance may look into it and take the right steps, such as taking it off the list.

Project Abandonment

Coins that are linked to projects that their developers have given up on could be taken off the market. Companies that don't keep their codebase up to date, talk to their community, or manage their codebase may not be able to meet Binance's listing requirements anymore.

Coin Forks Or Rebranding

Lists can also be taken off the market after forks or renaming events. Binance may reevaluate a coin's listing status and decide to remove it if it goes through major changes that affect its technology, name, or community support.

Market Manipulation

Coins that are linked to market manipulation or scams could be taken off of Binance. The exchange takes a strong stand against market abuse to keep the market honest and keep its users safe from scams.

Strategic Business Decisions

In the end, Binance's strategic business goals may also affect choices about delisting. The exchange might only list assets that fit with its long-term strategy and goals, which could mean that some coins are taken off its platform.

Logo In Yellow Background

The Impact Of Previous Listings Or Delistings

Taking trading pairs off of popular cryptocurrency platforms like Binance could have many effects on them. In turn, this makes a certain digital coin less liquid, which could lead to higher volatility. Taking a pair off the list could also be seen as a sign that investors are losing interest in it, or it could hurt the image of the crypto assets that are affected.

Listing a coin on Binance, Coinbase, or another major marketplace, on the other hand, makes it much more visible and easy to access, which could bring in more buyers.

Remember that Bonk Inu (BONK), a Solana-based meme coin that has been getting a lot of attention lately, hit an all-time high (ATH) not long after Binance added it to its platform?

On the other hand, the price changes of Tornado Cash (TORN) and Waltonchain (WTC) show the opposite. Both coins have dropped a lot since the exchange said they would be removed.

Recent Articles