The exchange has confirmed plans to halt neo-legacy deposits and withdrawals. The phase-out begins on August 25th and is scheduled for a full shutdown on October 15th. NEO plummeted amidst community uncertainty.
The digital asset landscape withstanded Bloodbath on Monday as the global crypto market capitalization fell 3.27% to $3.89 trillion in the past day.
While most assets reflect bear control, Neo suffered the most after confirming that Binance would end support for Neo Legacy.
Starting August 25th, major exchanges will not support asset deposits via the NEO network and will halt the withdrawal by October 15th.
Binance will suspend support for token deposits and withdrawals on the Neo Legacy Network.
More information https://t.co/epyhc2wv8j
– Binance (@binance) August 18, 2025
Additionally, Binance does not trust deposits made after the deadline.
The announcement has expanded the decline in Neo.
ALT lost about 7.62% to an intraday low of $6.5012 to $6.0058.
Affected tokens
The suspension decision affects three important assets: Neo, Neogas (Gas) and Kepple (QLC).
Gas and NEO owners can trade using other Binance-supported platforms, but Kepple investors will encounter a more challenging situation.
The exchange advised holders to cash out all QLCs by the October 15th deadline. The team emphasized:
It is highly recommended that users who hold QLC tokens withdraw the remaining tokens before 2024-10-15 08:00 (UTC).
What prompted a decision on vinance
The major trading platforms are known for listing projects that do not meet certain criteria.
However, the case for Neo Legacy is different.
Binance highlighted that the platform moved to the Neo N3, which moved to a more advanced version, causing suspension.
The Neo Legacy team announced a network shutdown in April, focusing on advanced platforms “designed to replace Neo Legacy.”
The official announcement has been read:
As part of our commitment to advance Neo technology and focusing our efforts on the future, we have decided to bring the Neo Legacy Network to the sunset.
Meanwhile, Binance’s notifications have upset the market as they formalized the end of Neo’s older system.
However, as it often deals with two active platforms, suspension can be a necessary step.
Focusing on Neo N3 could create a clean ecosystem that can enhance adoption in the coming period.
What’s next for investors?
With the deadline being somewhat tight, Neo Legacy users may need to consider three key things:
First, after August 25th, if Binance’s deposits are completed via Neo Legacy, this will lead to loss of assets.
Second, the exchange will suspend its withdrawal entirely on October 15th.
Finally, enthusiasts need to see the performance of their native tokens.
NEO could plummet even further to test key price levels as investors want clarity.
Neo Price Outlook
Alt shows a serious bearish at $6.06.
Neo tries to recover from previous losses, but the indicator shows the seller’s control.
3H MACD and RSI confirm that Neo’s trajectory depicts a decline momentum.
Furthermore, current widespread market bias suggests a further decline in prices for NEO.
