The world’s largest crypto exchange by trade volume, Binance, has announced that it will remove five spot trading pairs from its platform as part of its commitment to protect users and maintain high-quality trading experience. According to the notice, the affected coins include ALPACA, MDX, NFP, QUICK, and XAI.
The decision was made after conducting reviews, and finding that the affected pairs do not meet the requirements. However, following the announcement, users of the platform and general investors have expressed concerns about the potential effect on the price of the tokens.
Binance to Remove Trading Pairs Shortly
After checking for several factors, the leading exchange Binance concluded in an announcement dated June 12 that the following spot trading pairs ALPACA/BTC, MDX/BTC, NFP/TUSD, QUICK/BTC, XAI/BNB will be removed from its platform citing poor liquidity and trading volume.
Per the announcement, the trading pairs will be delisted on June 14 at 03:00 (UTC). Also, Binance stressed that the removal of the aforementioned trading pairs does not affect the availability of the tokens on Binance Spot. Binancians (users of Binance) can still trade the asset on other spot trading pairs available on the platform.
It is important to note that Spot Trading Bot Services for the affected spot trading pairs will be canceled at the same time, hence users are advised to take proactive measures to update or cancel their trading bots before the listed deadline to prevent losses. Users must take preventative measures to protect their investments and avoid disruptions to their trading activities.
Price Movements of Affected Tokens
Announcements of such magnitude from a major exchange have the potential to affect the price trajectory of the affected tokens. Investors with open positions in the mentioned tokens are advised to monitor their portfolio and price trends before and after delisting to mitigate risk. According to fresh data from CoinMarketCap, all five cryptocurrencies are currently trading in the red zone.
Alpaca Finance (ALPACA) is down by down by 0.05% in the last 24 hours to trade at $0.16. Over the last week, its value has dropped notably by 12% with a live market cap of $23.9 million.
Mdex (MDX) has dropped by 1.55% to trade at $0.05 over the last day. However, in hindsight, MDX has grown by 6.31% in the last seven days with a market cap of $50.3 million.
NFPrompt (NFP), an AI-driven UGC platform, has declined by 3.29% in the last 24 hours and a significant 30.4% over the last week to trade at $0.41. NFP has a market cap of $100.2 million.
QuickSwap (QUICK) is currently changing hands at $53.28, representing a 1.54% dip in the last 24 hours. Looking at the weekly chart, QUICK has quickly declined by 9.51% with a market cap of $37.9 million.
Xai (XAI) is down by 1.32% to trade at $0.66 in the last 24 hours. What is more, XAI has maintained a 28.51% drop in the last seven days with a market cap of $183.2 million.
While the current price trajectory of the affected tokens is going south, it is important to note that this aligns with the broader crypto market movement as the majority of the coins are trading in the red zone according to the crypto heat map.
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