Beam (BEAM) Crashes 25% as Binance Plans to Delist the cryptocurrency

Beam (BEAM), the cryptocurrency that aims to explore the world of confidential Decentralized Finance (DeFi), is in a freefall after Binance revealed that it would be delisting it.

On January 19, Binance announced the delisting of BEAM owing to several reasons. The crypto exchange highlighted that the cryptocurrency has failed to meet a variety of standards, it expects from digital assets listed on its platform. Some of the criterias the crypto giant mentioned include commitment of team to project, level and quality of development activity, trading volume and liquidity and stability and safety of network from attacks among a string of other factors. Binance further wrote,

“At Binance, we periodically review each digital asset we list to ensure that it continues to meet the high level of standard we expect. 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.”

BEAM Takes a Tumble

Beam (BEAM) Crashes 25% as Binance Plans to Delist the Token

Binance will suspend deposits from January 27 while withdrawals will continue until April 27. In addition, Binance Gift Card and Binance Pay will also delist BEAM coins. The company urged users to take precaution  and to update or cancel their trading strategies prior to the delisting in order to avoid any potential losses.

Soon after the announcement, Beam (BEAM) prices plunged. According to CoinMarketCap, the cryptocurrency is down 24.42% in the last 24 hours to $0.091. BEAM plummeted more than 17% over the past seven days. Traders desperately liquidated their respective holding before further price drop.

Hope in Times of Adversity

Beam cryptocurrency is based on a security-focused platform that facilitates anonymous transactions and gives users complete control over their privacy. It is based on  based on both the MimbleWimble and LelantusMW protocols that aims to explore the world of confidential DeFi. The Beam blockchain utilizes Proof-of-Work (POW) to reach network consensus. The project has raised a total of $5.2 MM via private token sales.

Beam also has its confidential DeFi platform named BeamX which supports a wide range of financial applications and instruments, including wrapped assets, algorithmic stable coins, DEX, automatic market making and lending tools. Despite the delisting, the Beam team is confident to march forward with a planned roadmap for 2023. It took to Twitter to express,

“Unfortunately Binance has made the decision to delist Beam. Despite this, Beam continues to build for the future, one with privacy and decentralisation at its core.”