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Binance announced that it would be delisting BLZ and WRX on its trading platform.
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BLZ & WRX have declined significantly since Binance’s announcement of delisting.
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Binance follows a similar procedure when it comes to delisting.
Binance, the world’s largest crypto exchange based on trading volume, announced that it will delist Bluzelle and WazirX from its trading platform. The exchange explained in a blog that this delisting was part of their routine process to remove tokens that do not meet its standards.
Binance has announced that it will delist BLZ, WRX, and BLZ/BTC on Christmas Day December 25, 2024. It will also remove BLZ/USDT and WRX/USDT from its platform. Binance’s announcement accelerated BLZ’s decline after its initial sharp drop after a notable rise.
BLZ surged by 140% during a rally in the market in November. The token dropped 38% on the 9th of December. It recovered a little before continuing its decline. BLZ lost 45% of its worth in the last week. The Binance news may cause the token to continue to decline.
WazirX (WRX), Also Affected
WRX, a utility token from the beleaguered WazirX cryptocurrency trading exchange, has experienced a significant drop in value following Binance’s announcement. The cryptocurrency fell by more than 55% after Binance announced its delisting. The recent decline of WRX adds to the pullback following last November’s surge in which the crypto token surged nearly 235%. The utility token’s value has fallen by about 70% from its November high. Increasing bearish pressure is threatening to further suppress the price.
Binance Delisting Criterion
Binance reviews its tokens regularly. Delistings can be based on the team’s commitment, trading volume and network security, as well as the development activity of the project.
Read Also: BLZ SNT and SUSHI Soar As BTC Profits Give Alternatives a Boost
The crypto exchange also cited other factors that it used to disqualify BLZ or WRX tokens from trading on its platform. Binance users have until 25 December to close their open BLZ or WRX positions and remove their tokens from its platform.
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