Beam (BEAM) price has taken a nosedive as Binance pulls the plug

Over the past 24 hours, BEAM has decreased by 30%. The BEAM token did not uphold the rigorous criteria that the cryptocurrency trading platform demands of digital assets listed on its site. At the time of writing, BEAM is changing hands at $0.0933.

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BEAM/USD 4-hour chart | Source: TradingView

Numerous factors were considered throughout the examination, including the team’s dedication to the project, the degree, and caliber of development, trading volume, and liquidity.

At 9:00 UTC today, Binance will stop trading on all BEAM/USDT trading pairs and delete all open trade positions. Additionally, deposits will stop at 1:00 UTC on January 27, and withdrawals will continue until 1:00 UTC on April 27.

Additionally, on the aforementioned dates, Binance Gift Card and Binance Pay will take action to delist BEAM tokens. The news immediately sent shockwaves across the market as traders frantically liquidated holdings to prevent further price declines.

The MimbleWimble protocol is utilized by the cryptocurrency Beam (BEAM), which focuses on anonymity. Through a combination of cutting-edge technologies, it was created and launched in 2019 to enable secure, anonymous, and untraceable transactions. Despite generating news in 2019, the Harry Potter-inspired game, presently ranked 691st by market cap, failed to acquire any traction.

With its decision to delist the token, Binance may have delivered the death blow.

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