The cryptocurrency market faced a sharp downturn this week, with global market capitalization falling by 3.27%, dropping to $3.89 trillion. Amid widespread bearish trends, NEO was particularly hard hit following Binance’s announcement to discontinue support for the Neo Legacy Network.
Binance Announces Suspension of Neo Legacy Support
- The exchange confirmed plans to halt deposits and withdrawals on the Neo Legacy Network.
- The phased elimination begins on August 25, with a complete cessation expected by October 15.
- NEO has experienced a noticeable decline amidst community uncertainty.
Starting August 25, Binance will cease support for NEO asset deposits via the Neo Legacy Network and will completely stop withdrawals by October 15. This announcement has triggered a drop in the price of NEO, which has fallen approximately 7.62%, from $6.5012 to an intraday low of $6.0058.
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
Moreover, Binance stated that any deposits made after the deadline will not be credited. This development has contributed further to NEO’s decline.
Impacted Tokens
This decision will impact three primary assets: NEO, NeoGas (GAS), and Kepple (QLC). While holders of GAS and NEO can use other Binance-supported platforms for transactions, investors in Kepple face a more challenging situation. Binance has advised QLC holders to liquidate their tokens before the October 15 deadline, emphasizing:
It is highly recommended for users holding QLC tokens to withdraw their remaining tokens before 2024-10-15 08:00 (UTC), as asset transfers will cease after this date.
Reasons Behind Binance’s Decision
Binance is known for delisting projects that fail to meet certain standards. However, the case of Neo Legacy is somewhat unique. The exchange cited the transition to a more advanced version, Neo N3, as the catalyst for the suspension. The Neo Legacy team announced the network’s closure in April to concentrate efforts on this upgraded platform designed to replace Neo Legacy.
The official announcement stated:
As part of our commitment to advance Neo’s technology and focus our efforts on the future, we have decided to terminate the Neo Legacy Network.
While this suspension has caused turbulence in the market, it may be a necessary step, as managing dual active platforms often fragments user activity and liquidity. Focusing on Neo N3 may create a more streamlined ecosystem that could enhance adoption in the future.
Next Steps for Investors
With tight deadlines approaching, users of Neo Legacy need to consider three essential points:
- Any deposit made on Binance via Neo Legacy after August 25 will result in a loss of assets.
- The exchange will completely suspend withdrawals on October 15.
- Investors should monitor the performance of the native token closely as NEO may continue to test critical price levels amid ongoing uncertainty.
NEO Price Outlook
Currently, the price of NEO stands at $6.06, having seen significant declines. The asset is attempting to recover from previous losses, but indicators suggest a seller-dominated market.
Both the 3H MACD and the RSI indicate that sellers are controlling NEO’s trajectory, illustrating a downward momentum. Additionally, the current market sentiment points toward further price declines for NEO.
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