8 Spot Pairs To Go Bust
On Tuesday, Binance announced new delisting news. The world’s largest cryptocurrency exchange has announced plans to cease trading on eight altcoin spot trading pairs.
This action will take effect at 03:00 UTC on December 10th and reflects Binance’s efforts to improve market quality.
What Binance users need to do
Binance claims that it evaluates the performance of its listed trading pairs as part of its commitment to ensuring high standards and industry requirements. Based on this criterion, it regularly modifies its token catalog, removing those that do not meet liquidity and trading volume thresholds. The exchange claims these measures protect users and maintain a high-quality trading environment.
“When a currency or token no longer meets these standards or the industry landscape changes, we conduct a deeper review and may delist it. Our top priority is ensuring we provide the best possible service to our users and protection, while continuing to adapt to changing market dynamics,” Binance explain Tuesday.
In this context, Largest cryptocurrency exchanges by trading volume metrics plans to delist the following spot trading pairs.
- GFT/USDT Gifto, the groundbreaking Web3 blockchain solution
- Iris/Bitcoin and Iris/Tether IRISnet, a service protocol and cryptocurrency
- KEY/USDT SelfKey, a blockchain-based self-sovereign identity system
- OAX/BTC and OAX/USDT OAX is a cryptocurrency trading platform developed by ANX International.
- RMB/Bitcoin and REN/USDT For Ren. Ren is an open protocol designed to provide interoperability and liquidity between different blockchain platforms.
After each trading pair stops trading, the exchange will automatically delete all trading orders.
“Please note that users will not be able to update their positions during the delisting process and they are strongly advised to close their positions and/or transfer their assets from margin wallets to spot wallets before trading is halted. Margin trading December 4, 2024 at 06:00 UTC. Binance is not responsible for any potential losses. ” the exchange warned.
Therefore, users interested in these currency pairs may consider modifying their trading strategies accordingly before they are delisted by Binance. Importantly, the exchange will also discontinue spot trading robot Serve these pairs simultaneously. Binance advises traders to cancel or update their automated trades to avoid potential financial losses.
After this round of delisting, the prices of GFT, IRIS, KEY, OAX, and REN plummeted. This instability may stem from investors losing confidence in the token’s prospects once delisting occurs, which could lead to further selling.
This turnout is not surprising. Historically, delisting of tokens from well-known exchanges has often resulted in massive sell-offs.
Likewise, token listings act as bullish fundamentals. The latter happened recently, when Binance Lists SLERF and SCRTsending the coin skyrocketing amid the market frenzy.
The same happened with Akash Network (AKT), which gained 30% in November 2019 Binance launch announcement. While the listing drove prices soaring, the latest turnout reflects the impact of exchange delistings on altcoin valuations.
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