Many well-known altcoins, including Ethereum (ETH), Ripple (XRP), and Solana (SOL), fell between 5% and 8% over the past day, reflecting the broader market’s bearish trend.
However, four lesser-known tokens suffered far steeper losses, and the main catalyst for that decline was action taken by Binance.
What Happened?
Binance, the world’s largest cryptocurrency exchange, performed another routine review of the digital assets listed on its platform to determine whether they meet its listing standards. The evaluation considers factors such as team commitment, development activity, trading volume, liquidity, network stability, and other governance and operational metrics.
Following the assessment, the exchange announced it would terminate all services for Contentos (COS), Dar Open Network (D), Highstreet (HIGH), and MOBOX (MBOX). Although the delisting is scheduled for June 19, the public announcement already triggered sharp sell-offs for the affected tokens. Each of the four coins has plunged more than 25% in a single day, with COS posting the largest drop at roughly 31%.
These steep moves are unsurprising: losing support from an industry heavyweight like Binance often leads to thinner liquidity, reduced market access, and reputational damage, all of which can accelerate price declines. When a major exchange announces delisting, market makers and retail holders may withdraw liquidity or sell positions, further amplifying downward pressure.
Binance has taken similar actions in recent weeks. It previously delisted Automata (ATA), Harvest Finance (FARM), Enzyme (MLN), Phoenix (PHB), and Syscoin (SYS), provoking comparable price reactions across those tokens. In another instance, the exchange removed a set of trading pairs—AXL/BTC, CRV/BTC, EGLD/BTC, OPN/BNB, POL/ETH, QTUM/USDC, and SKY/BTC—but that move did not cause as severe a market reaction as a full termination of services might have.
Additional Announcements
In a separate notice, Binance said it will support the NEAR Protocol (NEAR) network upgrade and hard fork scheduled for June 10. To accommodate the upgrade, the exchange will temporarily suspend NEAR token deposits and withdrawals on that blockchain. Binance stated it will manage the necessary technical steps on users’ behalf and will resume deposits and withdrawals once the upgraded network is deemed stable. The company also indicated that trading of NEAR tokens would not be affected during the maintenance window.
Network upgrade support and temporary suspension of deposits and withdrawals are standard practices for major exchanges and have been carried out multiple times without major incident. For example, late last month Binance briefly halted Ethereum deposits and withdrawals to perform wallet maintenance. The exchange has taken similar temporary measures in the past to support upgrades and maintenance on other networks, such as Cardano and BNB Chain.
Overall, the recent market turbulence highlights how exchange actions—particularly delistings and service terminations—can disproportionately impact smaller or less liquid tokens. While top-tier cryptocurrencies often ride broader market momentum, niche assets depend heavily on exchange listings and liquidity provision. Investors holding tokens facing delisting or reduced exchange support should be aware of the heightened risk of price volatility and limited exit opportunities.