Binance delisting news plunges SRM, SNM and YFII tokens

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Binance delisting news plunges SRM, SNM and YFII tokens

By Benson Toti - min read
  • The Binance news saw all three altcoins nosedive double-digits.
  • Serum (SRM) was down 29%, Sonm (SNM) shed 58% and DFI.money (YFII) declined by 16% in 24 hours.
  • Trading on all pairs for the tokens will end on August 22, 2023.

Serum (SRM), Sonm (SNM) and DFI.money (YFII) are among the biggest losers in the crypto market today. As of writing, SRM, SNM and YFII have all plummeted double-digits.

Binance to delist SRM, SNM and YFII

Binance announced on Tuesday that it will “delist and cease trading on all trading pairs” for Serum, DFI.Money and Sonm from its platform on August 22. The exchange noted in a notice to customers that the delisting is part of its period review of every listed digital asset.

When a coin or token no longer meets this standard, or the industry changes, we conduct a more in-depth review and potentially delist it. We believe this best protects all our users,” the exchange said in a general announcement.

Although Binance did not specify the reasons for removing support for each of the altcoin, it did cite certain metrics considered during the periodic reviews. These include team commitment, development activity, trading volume and liquidity and network safety with regard to attacks.

Market reaction plunges affected altcoins

According to data from CoinGecko, Sonm has seen the most declines in its 24-hour performance as it traded 58% down around 9.45 am ET. The token was changing hands for around $0.105392.

Serum has nosedived 29% in the same period to just above $0.05 to see its 7-day returns reach -35% and over 50% in the past 30 days. Serum, a project linked to FTX and Alameda Research, is down 99.6% from its all-time high above $13 hit in September 2021.

Elsewhere, DFI.money, which is a yield farming aggregator forked from yearn.finance, was down 16% in the past 24 hours to trade around $605. YFII has declined by more than 24% in the past month and traded at a level that’s more than 93% down from its ATH of $9,251 reached in September 2020.

Declines for the three altcoins come as most of the top 20 assets by market cap continued to trade flat, with Bitcoin constrained below $30k and Ethereum unable to breach $1,900.