Bitget Suspends SRM, SNM, and YFII Deposits to Prevent Dump?

• Bitget announced it was suspending SRM, SNM, and YFII deposit services.
• According to Bitget, transactions will not be affected during the suspension period.
• Binance announced it will delist SRM, SNM, and YFII on Tuesday, August 22, 2023.

Bitget, a leading derivatives trading platform, announced it was suspending Sonm (SNM), Serum (SRM), and DeFi.Money (YFII) deposit services starting from August 15, 2023, until it makes a later announcement. According to Bitget, it is carrying out the suspension exercise to provide a better trading experience for users.

According to Bitget, transactions will not be affected during the suspension period, and the crypto exchange will notify the official community and make an announcement when SRM, SNM, and YFII deposit services resume.

Bitget’s announcement comes barely one hour after leading cryptocurrency exchange, Binance, announced it will delist SRM, SNM, and YFII on Tuesday, August 22, 2023. In a post on its website, Binance informed users it is delisting these crypto tokens because they no longer meet expected standards.

As a platform that lists crypto tokens, Binance notes that it periodically reviews all the listed tokens to ensure they meet expected standards. According to Binance, when a listed coin no longer meets the required standards or the industry changes, it conducts a more in-depth review before delisting.

Binance provided information on the various factors it considers before delisting a coin. They include the team’s commitment to the project, the level and quality of development activity within the project, the coin’s trading volume and liquidity, and the stability and safety of the network from attacks.

Other factors Binance listed are, the project’s network or smart contract stability, their level of public communication, the project’s responsiveness to Binance’s periodic due diligence requests, evidence of unethical and fraudulent conduct or negligence, and the project’s contribution to a healthy and sustainable crypto ecosystem.

According to Binance, it would delist the aforementioned crypto tokens and cease trading on all trading pairs connected to them. The exact trading pairs to be removed by Binance with this delisting exercise are SNM/BTC, SNM/BUSD, SRM/BUSD, and YFII/USDT. Binance informed users that once it completed the delisting process, it would automatically remove all trade orders associated with the delisted coins.