Binance, the world's largest cryptocurrency, announced that it is delisting Beam (BEAM), sending its stock price into freefall.

BEAM is down 30% over the last 24 hours, according to CoinMarketCap data.   

The cryptocurrency exchange said that the BEAM token failed to meet the high standards it expects from digital assets listed on its platform.

During the review, various criteria such as the commitment of the team to the project, level, quality of development, and trading volume and liquidity, were taken into consideration. B

Binance will cease trading on all BEAM/USDT trading pairs at 09:00 UTC today and remove all trade orders in each respective pair.

Moreover, deposits will suspend from Jan. 27  01:00 UTC while withdrawals will continue until Apr. 27 01:00 UTC.

Additionally, Binance Gift Card and Binance Pay will also take steps to delist BEAM tokens at the respective dates mentioned above.

The news caused immediate shockwaves with traders franticly liquidating positions before prices could crash further.

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