The cryptocurrency market faced significant turmoil as Binance announced its plan to discontinue support for the Neo Legacy Network. This decision triggered a 7% drop in NEO’s price, further amplified by a general market downturn, as traders grapple with uncertainty surrounding the asset’s future.
Binance’s Announcement and Impact on NEO
- Binance confirmed its intention to halt deposits and withdrawals on the Neo Legacy Network.
- The phase-out will commence on August 25, with a complete cessation expected by October 15.
- NEO’s value has decreased amid community uncertainty.
The global cryptocurrency market capitalization declined by 3.27% on Monday, bringing it down to $3.89 trillion. Amid this bearish trend, NEO experienced the most severe losses following Binance’s announcement to cease support for Neo Legacy.
Starting August 25, Binance will not allow deposits of assets via the Neo network, and withdrawals will be halted by October 15. In an official tweet, Binance stated:
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
Additionally, Binance will not credit any deposits made after the cut-off date. This announcement exacerbated the decline in NEO, which lost approximately 7.62%, falling from $6.5012 to an intraday low of $6.0058.
Assets Affected
The decision will impact three key assets: NEO, NeoGas (GAS), and Kepple (QLC). While holders of GAS and NEO can utilize other supported platforms for transactions, those invested in Kepple face more significant challenges. Binance has advised QLC holders to liquidate their tokens before the October 15 deadline. The team emphasized:
It is strongly recommended that users holding QLC tokens withdraw their remaining tokens before 2024-10-15 08:00 (UTC), as asset transfers will cease after this date.
Reason Behind Binance’s Decision
The prominent trading platform often delists projects that do not meet specific standards. However, the situation with Neo Legacy differs. Binance highlighted that the platform’s transition to a more advanced version, Neo N3, prompted the suspension.
The Neo Legacy team announced the network’s closure in April to shift focus towards the advanced platform designed to replace Neo Legacy. The official statement read:
As part of our commitment to advance Neo technology and focus our efforts on the future, we have decided to discontinue the Neo Legacy Network.
In the meantime, Binance’s notice has stirred the markets by formally signifying the end of Neo’s previous system. However, the suspension may be a necessary step, as managing two active platforms often fragments user activity and liquidity. Focusing on Neo N3 could foster a clearer ecosystem, potentially enhancing adoption in the future.
Next Steps for Investors
With tight deadlines approaching, users of Neo Legacy should keep in mind three significant factors. First, any deposits made on Binance via Neo Legacy after August 25 will result in asset loss. Second, the complete suspension of withdrawals will occur on October 15. Lastly, enthusiasts should closely monitor the performance of the native token, as NEO might continue to face declines while investors seek further clarity.
NEO Price Outlook
Currently, NEO is valued at $6.06.
NEO is attempting to recover from prior losses, but indicators signal a seller-dominated market. The 3-hour MACD and RSI confirm that sellers continue to control NEO’s trajectory as momentum shifts downward. Furthermore, the current market bias suggests that further declines in NEO’s price are likely.
John is a seasoned journalist at The Bothside News, specializing in balanced reporting across news, sports, business, and lifestyle. He believes in presenting multiple perspectives to help readers form informed opinions. His work embodies the publication’s philosophy that truth emerges from examining all sides of every story.
