Binance announced that the delisting of PEPE will take effect on June 21st when the exchange closes all outstanding PEPE lending positions. Users are urged by Binance to pay off all outstanding PEPE loans to avoid direct liquidation, and if applicable, liquidated users will pay a 2% liquidation fee.
The exchange has reassured borrowers that it supports repayment in the same currency. This is an indication that Binance still supports PEPE as an asset on the platform despite the withdrawal of support.
PEPE became a superstar in the memecoin world after its launch and parabolic growth. The coin quickly broke into the top 100 cryptocurrencies by market capitalization, sending many early adopters into millionaires at an unprecedented rate of growth.
However, PEPE has lost its luster over the past few weeks with a massive sell-off now underway, and accusations that project insiders are selling out.
PEPE seems to be out of date, having lost up to 90% of the profits it has accumulated since its inception. While loss is not new for most altcoins, it has become a major concern as PEPE came into being after a harsh crypto winter.
In the midst of this situation, hopes for a notable recovery depend on what PEPE’s core developers can do for the community. PEPE may have to follow in the footsteps of its predecessors like Shiba Inu (SHIB) and Dogecoin (DOGE), which have pivoted and are pushing a new frontier with unique services, including payments and smart contract development.
At the time of writing, PEPE looks unaffected by this news, as the price is up more than 10% on the day, trading at $0.00000094.
Binance leaves the Dutch Market
Binance will leave the Netherlands after failing to convince the country’s regulator to issue a virtual asset service provider (VASP) license that certifies that it meets anti-money laundering (AML) guidelines. According to a statement from the exchange, as of July 17, Dutch residents will only be able to withdraw funds from the platform.
“We regret to announce that Binance is leaving the Dutch market. With immediate effect, no new users residing in the Netherlands will be accepted. Starting from 2023-07-17 at 00:00 UTC (2023-07-17 at 02:00 UTC+2), existing Dutch resident users will only be able to withdraw assets from the Binance platform. No further purchases, trades, or deposits will be possible. We encourage users to take appropriate action by withdrawing assets from their Binance accounts.”
Europe as a whole has embraced crypto exchanges and their anti-money laundering efforts. Binance is AML compliant in France, Italy, Spain, Poland, Sweden, and Lithuania. Two days ago, the exchange said it plans to leave Cyprus to focus on fully complying with the new European Union crypto-assets (MiCA) rules.
Binance said that it is in the process of comprehensive registration as a virtual asset service provider with the regulator.