Binance to Delist CVP, EPX, FOR, LOOM, REEF, and VGX

Crypto exchange Binance announced today that it will delist and cease trading for six cryptocurrencies:

• PowerPool (CVP): A decentralized liquidity protocol for yield farming.
• Ellipsis (EPX): A decentralized exchange focused on stablecoin trading.
• ForTube (FOR): A decentralized lending platform.
• Loom Network (LOOM): A platform for building scalable dApps.
• Reef (REEF): A DeFi platform focused on interoperability.
• VGX Token (VGX): The native token of the Voyager Digital platform.

The decision follows Binance’s latest review of these assets and will take effect on August 26, 2024, at 03:00 (UTC).

According to Binance’s announcement, trading on all spot trading pairs for the affected tokens will cease at the specified time. Users holding these tokens are advised to manage their positions and consider withdrawing the affected assets from the platform.

Details on the Delisted Cryptocurrencies:

1. PowerPool (CVP): PowerPool is a protocol focused on managing governance tokens, enabling users to lend, borrow, and vote with governance tokens from various decentralized finance (DeFi) protocols. Following the delisting announcement, CVP has seen a price decline of 30%.
2. Ellipsis (EPX): Ellipsis is a decentralized exchange built on the Binance Smart Chain, designed to offer stablecoin swapping with minimal slippage. The announcement has triggered a 22% drop in EPX’s value.
3. ForTube (FOR): ForTube, also known as The Force Protocol, is a DeFi lending platform that supports cross-chain operations. The token experienced a 22% decrease in price after the delisting news.
4. Loom Network (LOOM): Loom Network is a platform-as-a-service designed to run decentralized applications (DApps) with improved scalability. LOOM’s price dropped by 12% following Binance’s announcement.
5. Reef (REEF): Reef is a multi-chain smart yield engine and liquidity aggregator designed to make DeFi services accessible. The price of REEF fell by 25% after the delisting was made public.
6. VGX Token (VGX): VGX is the native token of the Voyager platform, a crypto broker that provides trading, interest earning, and lending services. VGX’s value decreased by 23% in response to the delisting.

This delisting decision is part of Binance’s ongoing efforts to ensure the security, stability, and compliance of its platform. Users are encouraged to stay informed about further developments and manage their investments accordingly.