The world’s leading crypto exchange will delist a large number of trading pairs, affecting numerous altcoin traders.
The digital assets involved in the move are all in red territory today (January 8), coinciding with the broader market’s correction.
Binance aims to protect users and maintain a high-quality trading market, which is why it conducts periodic reviews of all listed pairs on the platform and removes those that fail to comply with necessary standards.
Following its most recent analysis, the company decided to scrap 23 pairs, including 1000SATS/FDUSD, BIO/BNB, EGLD/BNB, HUMA/FDUSD, IOTA/ETH, MORPHO/BNB, NEIRO/FDUSD, RONIN/FDUSD, and many more. The delisting is scheduled for January 9, and the team explained that it will not affect the tokens’ availability on Binance Spot.
“Users can still trade the spot trading pair’s base and quote assets on other trading pair(s) that are available on Binance,” the announcement reads.
Most of the cryptocurrencies included in the initiative have headed south, which shouldn’t come as a surprise. As the largest crypto exchange, Binance’s withdrawal of support typically results in reduced liquidity, diminished visibility, and reputational damage. Bio Protocol (BIO) took the biggest hit, with its price tumbling 10% on a daily basis.
It is important to note that the broader crypto market decline may also have negatively impacted the aforementioned coins. Bitcoin (BTC), which started the year with an evident uptick, recently fell below $90,000, while altcoins like Zcash (ZEC) witnessed double-digit losses over the past 24 hours.
Besides removing trading pairs, Binance sometimes terminates all services with certain assets, which usually leads to more substantial price plunges. Towards the end of October, it аnnounced the delisting of Flamingo (FLM), Kadena (KDA), and Perpetual Protocol (PERP). Somewhat expectedly, the affected tokens collapsed immediately after the news, with KDA crashing by 30%.
An elevated level of volatility was also observed last month, when the exchange said it would no longer support StaFi (FIS), REI Network (REI), and Voxies (VOXEL). The involved tokens were rallying prior to the disclosure, but after that, they headed south.
The post Altcoin Holders Beware: Binance Will Remove 23 Trading Pairs appeared first on CryptoPotato.
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