Binance Sparked a Massive Crash for 4 Altcoins: Check out How

COS took the biggest blow, with its valuation nosediving by over 30%.

Many popular altcoins, including Ethereum (ETH), Ripple (XRP), and Solana (SOL), have declined by 5%-8% over the past day, in line with the broader market’s bearish conditions.

Four lesser-known tokens, however, experienced much more substantial losses, and the main culprit is Binance.

What Happened?

The world’s largest crypto exchange conducted yet another review of the digital assets listed on its platform to assess whether they meet industry requirements, including team commitment, level of development activity, trading volume, adequate liquidity, network stability, and more.

Following the analysis, it decided to terminate all services with Contentos (COS), Dar Open Network (D), Highstreet (HIGH), and MOBOX (MBOX). The delisting effort is scheduled for June 19, but the announcement has already caused a price collapse for the affected coins. All of them have plummeted by more than 25% daily, with COS the biggest loser, down around 31%.

Such dramatic price swings shouldn’t be surprising, as losing support from a heavyweight like Binance typically results in thinner liquidity, reduced availability, and reputational damage.

A few weeks ago, the exchange said goodbye to Automata (ATA), Harvest Finance (FARM), Enzyme (MLN), Phoenix (PHB), and Syscoin (SYS), sparking similar price reactions.

Binance also removed the trading pairs AXL/BTC, CRV/BTC, EGLD/BTC, OPN/BNB, POL/ETH, QTUM/USDC, and SKY/BTC. However, the move didn’t trigger a massive price drop, as the termination of all trading services for those assets might have.

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Additional Announcements

The company disclosed that it will support the NEAR Protocol (NEAR) network upgrade and hard fork. The development is scheduled for June 10 and will include a temporary suspension of token deposits and withdrawals on that blockchain.

Binance promised to handle all technical requirements involved for users, assuring that operations will be restored once the upgraded network is “deemed to be stable.” It also said that token trading will not be affected.

This is a standard procedure carried out multiple times in the past, and so far there haven’t been any reports of major complications. Towards the end of May, Binance briefly halted deposits and withdrawals on the Ethereum network to perform wallet maintenance. Prior to that, it implemented such measures to support improvements across other ecosystems, including Cardano and BNB Chain.