Binance Announces Removal of Some Margin Trading Pairs on Cryptocurrencies Against Bitcoin
December 3, 2024
In a move to improve its offerings and meet market needs, Binance has announced the removal of a number of Bitcoin trading pairs from margin trading. These assets include Band Protocol, Gitcoin, Highstreet, Perpetual Protocol, STP, and AVA, reducing the trading options available to users.
These changes included the elimination of Bitcoin trading pairs such as BAND/BTC and GTC/BTC in cross-margin trading, as well as isolated margin pairs such as AVA/BTC, HIGH/BTC, PERP/BTC, and STPT/BTC. Click here for advertising services or press releases for the crypto project
The phase-out is expected to begin on December 4 with the cessation of isolated margin borrowing, leading to a full phase-out on December 11, 2024, at 06:00 GMT.
Binance, one of the leading cryptocurrency trading platforms, advises users to close their positions and transfer assets from margin wallets to spot wallets to avoid any potential losses. Despite the removal of margin trading pairs, the underlying assets will still be available for trading on other pairs on the platform.
Despite Binance’s announcement of the delisting, some assets such as Highstreet and Perpetual Protocol saw significant price increases, ranging between 6% and 12%. On the other hand, tokens such as AVA, Gitcoin, Band Protocol, and STP recorded slight gains of between 1% and 2%. This disparity in market reactions reflects the diversity of investor sentiment towards the assets in question.
Band Protocol is trading at $1.90, up 4% in 24 hours and 22% over the past week. Gitcoin is up 40% over the past week to $1.20 and up 100% over the past month. Perpetual Protocol is up 7% to $1.03, up 20% over the week.
Highstreet also saw a strong 12% surge to $2.04. STPT has seen a 40% surge in the past month to $0.05. AVA has also seen an 8% surge to $0.72, reflecting a positive outlook in the short term despite the upcoming delisting.
With this move, Binance is trying to improve and streamline its offerings in line with market demand. The removal of margin trading pairs for several currencies is part of its strategy to focus on assets that are more stable and attractive to investors. While this move may limit the trading options available, it indicates the platform’s commitment to creating a safer and more sustainable trading environment for users.
What awaits these coins is a challenging future, especially with investors’ expectations varying after the delisting decision. Although some coins have seen a rise in prices, the impact of the complete delisting will become clearer in the coming days. Users who want to continue trading these assets will have to look for other trading pairs available on the Binance platform.
