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Binance to Delist EPIC and QUICK, Leading to Price Dips

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Binance's announcement to delist two altcoins, EPIC and QUICK, has led to significant price drops shortly after the news.

Binance to Delist EPIC and QUICK, Leading to Price Dips

Binance Confirms Delisting

In a recent update, Binance has announced that it will delist both Epic Chain (EPIC) and QuickSwap (QUICK). The removal of all spot trading pairs for these tokens is scheduled for October 28.

This decision comes after the exchange conducted its latest reviews, which consider factors such as trading volume, development activity, and the commitment of the project's team.

Immediate Market Reactions to the News

Following the announcement, QUICK saw a dramatic decrease of around 10% from its value just before the news went public. Data from TradingView indicated that within approximately 17 minutes post-announcement, QUICK was still trading 6.69% lower.

On the other hand, EPIC also experienced a drop of about 9% initially. However, unlike QUICK, it managed a quick recovery and was trading 5.61% higher than its pre-announcement value shortly thereafter.

Historical Context of Price Drops

This isn't the first time Binance's delisting announcements have led to steep losses in the market. In August, the altcoins ICON (ICX) and Secret (SCRT) plunged significantly by 12.5% and 18.8% respectively after similar notifications.

Earlier in the same month, PIVX and Vulcan Forged PYR also suffered declines of 19.27% and 18.31%. Interestingly, not all tokens follow this trend; for instance, Vanar (VANRY) surprisingly gained 8.23% even after initial losses, displaying resilience akin to EPIC's recovery.

Delisting typically creates a liquidity vacuum, prompting holders to exit their positions hastily before the trading halts. Both EPIC and QUICK had been under Binance's Monitoring Tag for several months, indicating concerns over their volatility and risk factor.

Timeline of Delisting Process

The delisting process at Binance will occur in several stages, beginning with preliminary actions this week. Here’s a breakdown of the timeline:

  • October 15: Margin borrowing for both tokens is suspended, and they are removed from Binance's Buy & Sell Crypto service.
  • October 20: New futures positions can no longer be opened, and existing contracts for EPIC and QUICK will be settled. All outstanding loans will be closed, with tokens also removed from margin trading and Binance Pay.
  • October 21: Spot Copy Trading will delist both pairs, and any remaining assets will be force-sold at market prices. Additionally, Simple Earn will redeem both flexible and locked positions back to users’ spot accounts.
  • October 28: All spot trading will cease, clearing of open orders and stopping any active Trading Bots for both pairs take place. Binance Convert and the Gift Card service will drop the tokens as well.
  • October 29: Deposits of EPIC and QUICK will no longer be accepted into user accounts.
  • December 28: Withdrawals for both tokens will be halted.
  • December 29: Binance may convert any leftover balances into stablecoins, though this is not guaranteed.

Final Thoughts

Traders and holders of both Epic Chain and QuickSwap should prepare for these changes as the delisting date approaches. Staying informed and monitoring the price movements will be crucial during this transition.

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