Altcoins
Binance, the 3rd Altcoin to be delisted?
Cryptocurrency Exchange giant Binance periodically reviews all spot trading pairs to protect users and ensure a high-quality trading market. As a result of these reviews, some pairs may be removed due to factors such as low liquidity and low trading volume.
Binance to Delist Several Cryptocurrency Pairs
Binance, one of the largest cryptocurrency The largest exchanges by daily trading volume announced their delisting today. Based on its latest reviews, the exchange will delist and cease trading the following spot trading pairs as of 06:00 UTC on July 12, 2024:
It should be noted, however, that removing a spot trade The removed pair does not affect the availability of tokens represented on the Binance Spot platform. Users can still trade the base and quote assets of the removed trading pair via other trading pairs available on Binance. Binance will terminate Spot Trading Bots services for these spot trading pairs on July 12, 2024 at 06:00 UTC. To avoid potential losses, users using Spot Trading Bots are strongly advised to upgrade or cancel their bots before the service expires.
What does this development mean?
This announcement may affect Binance investors and users interested in certain cryptocurrencies. Let’s take a closer look at the reasons for this delisting process and what it means for users. Liquidity indicates how easy it is to buy and sell an asset. When liquidity is high, assets can be bought and sold quickly and smoothly. When liquidity is low, trading becomes difficult and prices can become more volatile.
Trading volume refers to the total amount of transactions of an asset over a certain period of time. When trading volume is low, there may not be enough demand in the market to buy or sell that asset. Considering the factors mentioned above, Binance seems to have decided that removing the trading pairs in question would provide a safer and more efficient trading environment for users. In pairs with low liquidity and low trading volume, prices may become more volatile and users may suffer losses due to sudden price changes. If you have ALGO, DYM or SXP tokens and you invest these tokens by trading via the above trading pairs, you must take action and consider the following:
- The trading dates for the removed trading pairs will expire on July 12. You will no longer be able to trade these pairs after this date.
- Binance will still retain the base and counter assets of the removed pairs (e.g. ALGO and ETH) on its platform. Therefore, you can trade these tokens through different trading pairs.
- If you are using Spot trading bots and these bots are operating on any of the removed trading pairs, you will need to update or cancel your bots before July 12th. Otherwise, the bots may continue to operate and you may incur losses.
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