The press service of the Binance trading platform stated that it had conducted another check of the digital assets presented on its platform. As a result of a comprehensive audit, it turned out that several virtual currencies do not meet the level of service standards at once. These included SONM (SNM), Serum (SRM), and DFII.money (YFII) cryptocurrencies.
As part of the audit, the exchange specialists took into account numerous factors, including the composition of the project team, the quality of its activities, trading volume and current liquidity, the stability and reliability of the network, as well as smart contracts, and so on. Thus, it was decided that the above 3 cryptocurrencies will be removed from the functionality of the trading platform on August 22, 2023 at 06:00 Moscow time. Pairs SNM/BTC, SNM/BUSD, SRM/BUSD, YFII/USDT will disappear from the service.
All user orders will be automatically canceled upon termination of trading in each respective pair. Deposits of these crypto tokens deposited after August 23 will not be transferred to the spot wallet account of the Binance account. Withdrawals will be supported for another 3 months – until November 22, 2023. Up to this day, stored crypto assets can be converted into stablecoins at the initiative of the user.
In addition, the Binance Simple Earn service will also delist the mentioned tokens. This will happen the day before August 21, 2023. Users can redeem positions in advance, otherwise they will be automatically redeemed and assets transferred to spot wallets.
In addition, Binance Loans (Flexible Rate) will close all outstanding lending positions for SONM, SER, and YFII. They will be removed from the “gift card functionality” and the Binance Pay service also on August 22 this year. Finally, trading bots will also stop working with these cryptocurrencies.