Binance Completes Second Round of 'Vote to Delist' Campaign, Targeting FTX Token (FTT) and JasmyCoin (JASMY)

Cryptocurrency exchange Binance has completed the second round of its ‘Vote to Delist’ campaign, a community-driven initiative to determine the status of tokens

Crypto exchange Binance has completed the second round of its ‘Vote to Delist’ campaign, a community-driven initiative to determine the status of tokens listed on the platform. The initiative allows users to choose tokens that are not beneficial to the exchange and remove them from the exchange. After multiple rounds, tokens like FTX Token (FTT), Zcash (ZEC), and JasmyCoin (JASMY) have come under scrutiny, indicating that changes could be made to Binance’s listing policies.

FTT Leads the Vote for Delisting

FTX token (FTT) emerged as the leading candidate for delisting, securing 11.1% of the total votes. The FTT token has faced severe market scrutiny after the collapse of FTX in late 2022. The FTT price showed a consistent decline of 4.1% on the last day. At the time of voting, FTT had a trading price of $0.81, reflecting market-wide concerns regarding its delisting.

On the other hand, Zcash (ZEC) and JasmyCoin (JASMY) also received significant attention by getting 8.6% of votes each. The voting outcome could be attributed to these tokens’ price performance and user engagement problems. This indicates a decline in their prices as the community becomes increasingly concerned about their long-term viability on the platform.

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Apart from the above tokens, the voting result also revealed other tokens that would be delisted from the platform. GoPlus Security (GPS) and PlayDapp (PDA) had received community backlash and had received 8.2% and 7.6% of total votes, respectively. Voxels (VOXEL), Alpaca Finance (ALPACA), and STP Network (STPT) secured substantial shares of 7.1%, 6.3%, and 5.9% in the voting process.

Besides these, the token values of Flamingo Finance (FLM) and Biswap (BSW), along with three other tokens, have fallen in price, indicating that Binance users remain doubtful about their future listing.

Community Influence and Binance’s Final Review

Binance’s “Vote to Delist” program aims to give users a say in the decision-making process by making it more transparent and community-driven. While voting is important, the exchange stated that it will not be the only factor in the outcome. According to Binance, the ultimate decision regarding delisting will not be based exclusively on the results of this community vote. Apart from voting, Binance will conduct an internal assessment that considers market performance along with regulatory compliance and liquidity.

The second voting round has raised critical questions about the safety of tokens such as FTT, ZEC, and JASMY. These concerns are likely to be taken into account when Binance makes a final decision. The outcome of this campaign will set a precedent in the crypto industry as market participants and token holders monitor Binance’s next steps.

Furthermore, the “Vote to Delist” campaign has aroused great controversy in the cryptocurrency community, and the final decision on whether or not to delist remains with Binance’s review process. As volatility and regulatory risks continue to take the spotlight, the result will likely have important consequences for the tokens and the wider crypto market.