Nikolas Sargeant
WazirX (WRX) saw its price plummet by over 50% today after Binance, the world’s largest crypto exchange, announced it would delist the token as part of its regular asset review process.
The delisting is compounded by legal issues for the Indian crypto exchange. The Delhi High Court has ordered a fresh probe into WazirX after rejecting the Delhi Police’s report from a previous investigation into the exchange’s hack. The court’s decision adds to the uncertainty surrounding WazirX, further dragging down investor confidence. Previously, WazirX had also suffered a significant hack.
The combination of Binance’s delisting and the ongoing legal challenges has left WazirX facing significant hurdles, with the token now trading at approximately $0.15.
Other AltCoins Facing Similar Fate
WRX was one of three tokens removed from the exchange, alongside AKRO and BLZ, as Binance cited concerns over development activity, trading volume, and regulatory compliance. Following the announcement AKRO and BLZ fell by 25% and 24%respectively.
Binance users are advised to close positions and manage holdings before the deadlines: trading pairs for WRX/USDT, AKRO/USDT, and BLZ/USDT will be removed on December 25, 2024, with deposits ceasing by December 26. Withdrawals will be supported until February 2025, while futures and margin trading services will phase out support for these tokens in the coming weeks.
