Binance, one of the world’s largest crypto exchanges, recently announced the removal of spot trading pairs on its platform. The announcement on October 20 sent ripples throughout the entire crypto community as the notice was issued. The exchange reported on its proceedings of removing specific spot trading pairs.
Based on the announcement by Binance, it’s evident that the platform is set to shift its strategy on offerings and thus has set to bring implications to the crypto community. The delisting will be in favor of certain factors mentioned in the announcement made on Friday.
Binance removal of spot trading pairs
Binance has long been recognized for its extensive inclusion of a wide range of cryptocurrency trading pairs. It has provided its platform trades with access to a wide pool of digital assets. Basing their idea on the changing market, Binance has chosen to implement some of its strategies.
On Friday 20th of October, the Binance crypto exchange announced that it would be delisting a set of spot trading currency pairs. The platform reported using periodic reviews on all listed digital assets in its network and may decide to delist certain pairs based on various factors.
Among the major reasons for the delisting include low trading volume and poor liquidity. The exchange reviews its offerings and ensures they align with the market’s demand, internal considerations, and regulatory requirements.
The list of spot trading pairs includes ADX/BUSD, AMP/BUSD, AR/BUSD, BADGER/BUSD, BURGER/BUSD, CELR/BUSD, CHESS/BUSD, COTI/BUSD, DEXE/BUSD, ELF/BUSD, ENJ/EUR, EOS/BNB, HARD/BUSD, IDEX/BNB, ILV/BUSD. These were delisted at 05:00 (UTC).
The other was to be delisted at 07:00 (UTC), and they included IOTA/BUSD, JOE/BUSD, KNC/BUSD, MBOX/BUSD, MINA/BUSD, MOVR/BUSD, QI/BUSD, QNT/BUSD, SNX/BUSD, SYS/BUSD, THETA/BNB, TKO/BUSD, VOXEL/BUSD, ZEC/BUSD
The Friday report outlined Binance’s decision to remove specific spot trading pairs but noted that it won’t affect their availability on Binance Spot. The platform announced the delisting of the BUSD digital assets and has encouraged its users to convert their assets into FDUSD using the conversion portal at 1:1. The delisting was in effect from 05:00 (UTC) on 20 October.
What this delisting announcement means for the crypto community
Binance asserted in its post, “Users who hold positions in the above liquidity pools will automatically receive their deposited assets in their Spot wallets.”
Despite the delisting, memecoin’s like Shiba Inu (SHIB) and Dogecoin (DOGE) have not been affected. DOGE is up by 3% in the past 24 hours, and SHIB has noted a 4% gain in its figures. This is according to data analyzed by CoinKecko.
Bitcoin has also been spotted to reach the $30,000 level for the first time since August. XRP has also recorded a gain of 12% in the past 24 hours, peaking at $0.53. Among other cryptos that have witnessed a sudden spike in price this week have included Solana (SOL), which also recorded a 12% gain in the past 24 hours.
The shift in prices for the crypto market is an indication of an expected bull run that might be profitable for all crypto investors, including nuance and expert traders. It’s possible to take advantage of these assets, and Binance Exchange has been a huge player in delivering effective and reliable services.
However, the delisting of the specific spot trading pairs has had an influence in the crypto space but hasn’t been enough to cause significant market shifts just yet.
