Privacy Coin Beam’s Price Falls 30% as Binance Announces Delisting

  • BEAM has lost 30% of its value in the previous 24 hours as per CMC.
  • At 09:00 UTC today, Binance will cancel all open trade orders in the BEAM/USDT pair.

The news that Binance, the biggest cryptocurrency exchange in the world, would be delisting Beam (BEAM) caused its price to plummet. According to statistics compiled by CoinMarketCap, BEAM has lost 30% of its value in the previous 24 hours. The cryptocurrency exchange said that the BEAM token did not match the stringent requirements it has for all digital assets it lists.

At 09:00 UTC today, Binance will cancel all open trade orders in the BEAM/USDT pair. In addition, beginning January 27 at 01:00 UTC, deposits will be halted but withdrawals will continue until April 27 at the same time.

Wide Range of Factors Taken Into Consideration

The research took into account a wide range of factors, including the team’s dedication to the project, the progress made, the degree of development, trading volume, and liquidity.

Further, on the above-mentioned dates, Binance Gift Card and Binance Pay will take action to delist BEAM tokens. The announcement sent shockwaves across the market, and traders quickly sold off their holdings to prevent a further decline in prices. The MimbleWimble protocol is at the heart of Beam (BEAM), a cryptocurrency designed with privacy in mind.

It was designed and released in 2018 with the intention of facilitating safe, anonymous, and untraceable financial dealings. The token is presently ranked 691st by market valuation. By delisting the coin, Binance may have just delivered the last blow.

As per the team, Beam facilitates secure, trustworthy, and reliable transactions between financial counterparties. In doing so, the issue of improper user data management is mitigated, and the system is kept cleaner and more secure. 

Content writer by profession. A crypto lover and has passion for writing. Follows the developments of digital currency right from its launch, years ago.