​BEAM rate drops by 25% after the announcement of delisting from Binance

What’s new? Binance will delist the Beam (BEAM) token due to non-compliance with the crypto exchange’s standards. The asset reacted with a 26,36% drop and is trading at $0,0913 as of January 19, 08:45 UTC. Delisting and halting of trading in all pairs will take place on January 26, at 09:00 UTC. Deposits will be suspended from 01:00 on January 27, tokens can be withdrawn until 01:00 on April 27.

Information in the Binance blog

What else does the blog say? Binance Gift Card and Binance Pay will also remove BEAM tokens. In the first case, this will happen on January 25 at 09:00 UTC, and in the second — on January 26 at 09:00 UTC.

The Binance team has recommended users update and/or cancel trades before the BEAM delisting to avoid possible losses, as all orders will be automatically deleted on January 26.

When deciding on delisting, Binance pays attention to the following conditions:

• Commitment of the team to work on the project
• Level and quality of development activity
• Trading volumes and liquidity
• Stability and safety of the network from attacks
• Network / smart contract stability
• Level of public communication
• Responsiveness to due diligence requests
• Evidence of unethical/fraudulent conduct or negligence
• Contribution to a healthy and sustainable crypto ecosystem

What is known about Beam? It is a decentralized finance (DeFi) platform launched in March 2018. It is powered by the MimbleWimble Extension Blocks (MWEB) protocol, which increases transaction privacy. MWEB uses the Proof-of-Work (PoW) consensus algorithm and provides scalability. It was created in July 2016 by a group of anonymous developers.

In June 2022, Binance announced that it would not support Litecoin (LTC) deposits and withdrawals using MWEB. The company warned that such transactions would result in the loss of funds, as the platform would not be able to identify the sender to return them.

On December 27, Binance delisted eight trading pairs: ANC/BNB, ANC/BTC, ANC/USDT, MIR/BTC, MIR/USDT, TORN/BTC, TORN/USDT, YFII/BTC. The reasons for delisting are not specified.