Binance to Delist WazirX (WRX) Token on December 25, Causing Over 57% Price Drop
Binance, the world’s largest cryptocurrency exchange with over 250 million users, has announced the delisting of the WazirX (WRX) token, effective December 25, 2024, at 03:00 UTC. Following this announcement, WRX’s price plunged by over 57%, currently trading at $0.1019, down from an earlier high of $0.2494.
Reason for Delisting
Binance conducts periodic reviews of listed assets to ensure they meet criteria such as development activity, trading volume, network stability, and regulatory compliance. The exchange stated:
“When a coin or token no longer meets these standards or the industry landscape changes, we conduct a more in-depth review and potentially delist it.”
WazirX’s July Hack and Wallet Activity
In July 2024, WazirX, one of India’s major crypto exchanges, suffered a hack resulting in over $230 million in losses. Recent on-chain data reveals that a WazirX wallet received $200 million worth of cryptocurrency from a Binance-linked wallet, raising speculation about fund reimbursements. The transactions involve tokens like ETH, SHIB, PEPE, and LINK.
WRX’s Sharp Decline
The delisting announcement triggered a massive sell-off, with WRX’s price dropping to $0.09918 before recovering slightly to $0.1019. The token’s market cap now stands at $38.86 million, with a daily trading volume of $26.81 million, according to CoinMarketCap (CMC).
Other Tokens Facing Delisting
Binance is also planning to delist tokens such as Akro (AKRO) and Bluzelle (BLZ) on December 25, 2024, as part of its asset evaluation. Additionally, tokens like SUI, HMSTR, CYBER, BNT, and AEUR are scheduled for delisting from trading pairs on December 20, 2024, causing price declines across the board.
The delisting of WRX and other tokens highlights Binance’s commitment to maintaining its standards, but it also underscores the volatility and risks associated with cryptocurrency investments.
