Binance, one of the world’s largest cryptocurrency exchanges, has announced the delisting of nine altcoin spot trading pairs.
This change will take effect at 03:00 UTC on August 23rd and reflects Binance’s efforts to improve market quality.
What should Binance users do?
Binance evaluates the performance of listed trading pairs and removes pairs that do not meet liquidity and trading volume thresholds. The exchange claims that these measures protect users and maintain a high-quality trading environment.
Read more: Binance Review 2024: Is it the right cryptocurrency exchange for you?
The pairs to be removed are:
- ARKM/TUSD
- CHZ/EUR
- ENA/Euro
- FIRO/BTC
- IOTA/FDUSD
- Joe/Try
- Omni/BNB
- REZ/BNB
- Super/FDUSD
This delisting will affect specific trading channels, but will not remove individual tokens from the platform.
“Users will still be able to trade the underlying asset on spot trading pairs and quote the asset on other trading pairs available on Binance,” the cryptocurrency exchange explained.
Therefore, users interested in these pairs should adjust their trading strategies accordingly. It is important to note that the exchange will also be terminating spot trading bot services for these pairs at the same time. Binance advises traders to cancel or update automated trading to avoid potential financial losses.
It is important to note that this delisting did not have an immediate impact on the market price of the relevant tokens. This stability will help mitigate any negative impact as they are still available on other trading pairs on Binance.
However, the history of token delistings on Binance suggests potential volatility. For example, when Binance delisted six altcoins last week, the prices of those cryptocurrencies fell significantly. In particular, PowerPool (CVP) and Ellipsis (EPX) fell 14% and 22% immediately after the delistings were announced.
Read more: 11 Cryptocurrencies to Add to Your Portfolio Before Altcoin Season
This trend continued last month when tokens like Dock (DOCK) and Mdex (MDX) experienced steep declines of 30% and 23.65% respectively after being delisted. These events show the impact of exchange listings or delistings on the valuation of altcoins.
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