Binance, the world’s largest cryptocurrency exchange, has announced the delisting of 15 Russian ruble trading pairs, including popular cryptocurrencies like Ripple (XRP), Cardano (ADA), and Solana (SOL). The decision, set to take effect one end of november , is attributed to security concerns and low liquidity in these trading pairs. This move aligns with Binance’s strategy to exit the Russian market and underscores its compliance-focused approach.
Security and liquidity concerns prompt delisting
Binance’s decision to remove these trading pairs comes as a measure to enhance security for its clients. The exchange cited concerns related to the trading pairs’ liquidity and trading volumes as primary reasons for their delisting. Binance has indicated that it may continue to delist trading pairs in the future if they exhibit poor liquidity and trading activity.
In addition to addressing security concerns, this move could also be seen as part of Binance’s broader plan to cease Russian ruble deposits. Earlier, the exchange had entered into an agreement to sell its entire Russia-based business to the cryptocurrency platform CommEX. Binance’s Chief Compliance Officer, Noah Perlman, emphasized that operating in Russia was no longer aligned with the exchange’s compliance strategy.
“As we look toward the future, we recognize that operating in Russia is not compatible with Binance’s compliance strategy. We remain confident in the long-term growth of the Web3 industry around the world and will focus our energy on the 100+ other countries in which we operate,” stated Noah Perlman.
Binance delisting atcoins and crypto price impact
The delisting of these trading pairs has had a notable impact on the prices of XRP, ADA, and SOL in the cryptocurrency market. Over the past 24 hours, XRP’s price has seen a 5% decline, with an 8% drop over the last week. ADA has also slipped by 6%, while SOL has experienced a more substantial decline of 10%.
Despite these short-term corrections, cryptocurrency experts remain optimistic about the long-term potential of these assets. Many believe that XRP, ADA, and SOL may experience significant gains in the months ahead.
Several experts in the cryptocurrency space have expressed positive outlooks for XRP, ADA, and SOL. XRP, in particular, has been projected to potentially surge by as much as 100% by the end of 2023. This bullish sentiment reflects confidence in the underlying technology and adoption potential of Ripple’s blockchain network.
Furthermore, some market observers, like Jacob Canfield on Twitter, have forecasted that SOL could reach an impressive milestone of $1,000 in value. These predictions indicate that despite the short-term price corrections resulting from the delisting, these cryptocurrencies may have a promising future ahead.