- Binance has confirmed plans to halt deposits and withdrawals on Neo Legacy.
- The phase-out will begin on the 25th.
- NEO plunged amid community uncertainty.
The digital asset landscape endured a sharp sell-off on Monday as the global crypto market cap dropped 3.27% over the past 24 hours to $3.89 trillion.
While most assets reflected broad bearish pressure, NEO suffered the heaviest losses after Binance announced it would end support for Neo Legacy.
Starting August 25, the major exchange will no longer accept asset deposits via the Neo Legacy network and will suspend withdrawals on the 15th.
Binance will cease support for Deposits and Withdrawals of Tokens on the Neo Legacy Network.
More information 👇 https://t.co/ePyHc2Wv8j
— Binance (@binance) August 18, 2025
Binance also warned that deposits made after the deadline would not be credited.
The announcement amplified NEO’s decline.
The token fell roughly 7.62% from $6.5012 to an intraday low of $6.0058.
Affected tokens
The suspension affects three primary assets: NEO, NeoGas (GAS) and Kepple (QLC).
GAS and NEO holders can still use other Binance-supported networks or exchanges to trade, but Kepple investors face a tougher situation.
Binance advised holders to withdraw all QLC before the October 15 deadline. The team emphasized:
It is strongly recommended that users holding QLC tokens withdraw any remaining tokens before 2024-10-15 08:00 (UTC), as the transfer of assets will cease after the shutdown.
Why Binance made the decision
The exchange has a history of delisting projects that do not meet certain standards, but Neo Legacy’s case is different.
Binance said the move was driven by the network’s migration to the more advanced Neo N3 platform.
The Neo Legacy team announced the network shutdown in April to focus development on Neo N3, describing the new platform as designed to replace Neo Legacy.
The official announcement stated:
As part of our commitment to advance Neo’s technology and concentrate our efforts on the future, we have decided to decommission the Neo Legacy Network.
Binance’s notice solidified the end of Neo’s older system and reverberated through the markets.
Suspending support for the legacy network can be seen as a necessary step: maintaining two active platforms often fragments user activity and liquidity, while consolidating on Neo N3 could create a cleaner ecosystem and potentially accelerate adoption over time.
What investors should do next
With deadlines approaching, Neo Legacy users should consider three key actions.
First, avoid depositing assets to Binance via Neo Legacy after the August 25 cutoff; such deposits will not be credited.
Second, withdraw any assets on Neo Legacy before withdrawals are suspended on the 15th.
Third, monitor the performance of the native token closely—NEO could decline further as markets seek clarity on the network transition.
NEO price outlook
Technical indicators point to significant bearish pressure around $6.06.
NEO is attempting to recover from recent losses, but momentum indicators favor sellers. The 3-hour MACD and RSI both signal decreasing bullish momentum, suggesting sellers remain in control.
Given the broader market tilt toward risk-off sentiment, further downside for NEO is possible as traders reprice exposure to legacy network risk and the migration to Neo N3 unfolds.