• Binance has announced the delisting of 3 crypto tokens – Serum (SRM), Sonm (SNM) and DFI.Money (YFII).
• Deposits for trading pairs linked to these tokens will be halted on August 22nd.
• The delisted tokens may be converted into stablecoins before November 22nd, after which withdrawals will no longer be available.

Binance Delists Three Crypto Tokens

Binance recently announced that they will be delisting three crypto tokens – Serum (SRM), Sonm (SNM) and DFI.Money (YFII). This decision was made due to the tokens being non-compliant with quality standards set by Binance.

Deposit Halt & Extended Withdrawal Window

Deposits for all trading pairs related to these tokens, including SNM/BTC, SNM/BUSD, SRM/BUSD, and YFII/USDT on Binance will be halted at 03:00 UTC on August 22nd. Additionally, services for the three tokens such as Binance Simple Earn, Binance Loans, Binance Pay, Binance Gift Card and Binance Trading Bots will also no longer be supported. However, a withdrawal window has been opened until November 22nd for users to access their funds in these coins before a possible conversion into stablecoins.

Periodic Assessment Process

The decision to delist these three tokens came after a periodic assessment process conducted by Biance which looks at aspects such as public communication levels from project teams, trading volumes and liquidity levels etc.. All three of the affected token failed this evaluation process hence leading to this outcome.

Conversion Into Stablecoins

After the extended withdrawal period ends in November , the delisted tokens may then possibly converted into stablecoins but there is no confirmation yet if this would happen or not. If it does take place any proceeds from this conversion would then be credited back their owners wallets .

Quality Standards Maintained

By delisting these three digital assets , this ensures that only high quality projects are associated with Binace’s brand name . This allows them to maintain their strict standards while also helping users get access to more reliable crypto products .