New Binance delistings were revealed on Tuesday (26). The world’s largest crypto exchange declared plans to end trading on eight altcoin spot trading pairs.
This action, which will come into effect on December 10 at 03:00 (Brasília time), reflects Binance’s attempts to improve the quality of the marketplace.
What do Binance users need to know?
Binance says it evaluates the performance of its listed trading pairs as part of a commitment to ensuring the highest level of industry standards and requirements. As such, the exchange periodically reviews its token catalog, removing those that do not meet liquidity and volume thresholds. Binance claims that these measures protect users and maintain a high-quality trading environment.
“When a coin or token no longer meets these standards, or the industry landscape changes, we conduct a more in-depth review and potentially delist it. Our priority is to ensure the best services and protections for our users while continuing to adapt to evolving market dynamics,” Binance said Tuesday.
Which altcoins will be removed?
In this context, the largest crypto exchange by trading volume plans to remove the following spot trading pairs.
GFT/USDT for Gifto, a pioneering Web3 blockchain solution
IRIS/BTC and IRIS/USDT for IRISnet, a service and cryptocurrency protocol
KEY/USDT for SelfKey, a blockchain-based self-sovereign identity system
OAX/BTC and OAX/USDT for OAX, a crypto exchange platform developed by ANX International.
REN/BTC and REN/USDT for Ren. Ren is an open protocol built to provide interoperability and liquidity between different blockchain platforms.
The exchange will remove all trading orders automatically after closing on each respective pair.
Please note that users will not be able to update their positions during the removal process, and are strongly advised to close their positions and/or transfer their assets from Margin Wallets to Spot Wallets before the margin trading closes on 2024-12-04 03:00 (Brasília time). Binance will not be responsible for any potential losses, the exchange warned.
Binance to shut down spot bot services
Therefore, users interested in these pairs may want to consider reviewing their trading strategies in advance of Binance’s delistings. The exchange will also terminate spot trading bot services for these pairs at the same time. In fact, Binance advises traders to cancel or update their automated trading to avoid potential financial losses.
Immediately following this round of delistings, the prices of GFT, IRIS, KEY, OAX, and REN plummeted. This volatility likely stems from investors losing confidence in the tokens’ prospects once the delistings take place, which could lead to further selling.
Price Performance of GFT, IRIS, KEY, OAX, REN. Source: TradingView
This result is not surprising. Historically, token delistings from prominent exchanges tend to trigger mass selloffs.
Similarly, token listings act as bullish fundamentals. This happened recently when Binance listed SLERF and SCRT, significantly boosting the token amidst market turmoil.
The same was true for Akash Network (AKT), which surged 30% following its Binance listing announcement. While listings drive price increases, the latest result reflects the impact of exchange delistings on an altcoin’s valuation.
The article Binance to Remove Eight Altcoin Trading Pairs in December appeared first on BeInCrypto.
