NEO’s Price Takes a Hit as Binance Withdraws Support for Neo Legacy Network
In a significant blow to NEO supporters, Binance has confirmed the termination of its support for the Neo Legacy Network. This development comes amid a broader downturn in the cryptocurrency market, with global capitalization dropping by 3.27% recently. The decision has led to a sharp decline in NEO’s value, raising concerns amongst investors.
- Binance will halt deposits and withdrawals on the Neo Legacy Network.
- The cessation will begin on August 25 and is set to conclude by October 15.
- NEO has experienced a notable drop amidst community uncertainty.
The digital asset landscape faced a tumultuous day on Monday as the total market cap for cryptocurrencies dwindled to $3.89 trillion. Among the assets, NEO suffered the most, plummeting approximately 7.62% following Binance’s announcement that it would end support for Neo Legacy.
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
Furthermore, Binance has stated that any deposits made after the deadline will not be credited. This announcement has exacerbated the decline in NEO’s price, which fell from $6.5012 to an intraday low of $6.0058.
Impacted Tokens and Urgent Actions Required
Binance’s decision will affect three crucial assets: NEO, NeoGas (GAS), and Kepple (QLC). While holders of GAS and NEO can utilize other Binance-supported platforms for transactions, investors holding Kepple face a more challenging situation.
The exchange has advised Kepple holders to liquidate all QLC before the October 15 deadline. An official statement emphasized:
Users holding QLC tokens are strongly advised to withdraw their remaining tokens before 2024-10-15 08:00 (UTC), as asset transfers will cease after the shutdown.
Reasons Behind Binance’s Decision
Binance is known for removing projects that do not meet certain standards. However, the case of Neo Legacy is somewhat unique. The exchange indicated that the shift to a more advanced version, Neo N3, prompted the suspension of Neo Legacy support.
In April, the Neo Legacy team announced plans to transition away from the legacy network, focusing on the newer platform “designed to replace Neo Legacy.” The official announcement stated:
As part of our commitment to advancing Neo technology and concentrating our efforts on the future, we have decided to cease the Neo Legacy Network.
While this transition may cause disruption in the short term, it could ultimately benefit the ecosystem by consolidating liquidity and user activity around Neo N3.
Next Steps for Investors
As the deadlines loom, Neo Legacy users need to consider three critical factors:
First, any deposits made on Binance via Neo Legacy after August 25 will result in asset loss. Second, withdrawals will be completely suspended by October 15. Lastly, investors should closely monitor the performance of the native token as it may continue to face downward pressure while clarity is sought.
NEO Price Outlook
Currently, NEO’s price stands at $6.06, with significant declines noted.
NEO is attempting to recover from earlier losses, but market indicators suggest a prevailing bearish sentiment. The 3-hour MACD and RSI imply that sellers are in control, contributing to the declining momentum.
Moreover, the current market bias indicates potential further drops in NEO’s price as investors navigate the uncertain landscape.
