Binance, the world’s leading cryptocurrency exchange, has announced its decision to delist nine spot trading pairs. The move includes popular cryptocurrencies such as ARKM, CHZ, ENA, FIRO, IOTA, JOE, OMNI, REZ, and SUPER, affecting their trading against various fiat and crypto pairs such as TUSD, EUR, BTC, FDUSD, TRY, and BNB. Despite the delisting, these tokens are still tradable via other pairs on the platform.
Why Delist?
The delisting of all nine trading pairs will begin on August 23 at 03:00 UTC. Binance’s decision is part of its ongoing efforts to improve trading quality and market efficiency on its platform.
The exchange regularly reviews listed trading pairs, focusing on liquidity and trading volume. Pairs that do not meet these standards will be removed, a step that Binance believes will protect users and maintain a high-quality trading environment.
Market Reaction
The announcement has sparked significant reactions in the crypto community, with some initial price volatility observed as traders adjusted their strategies. Binance has reassured users that the delisted pairs can still be traded via other pairs, to mitigate potential losses.
Users affected by this change are advised to review their trading strategies, especially those using automated trading bots. Binance will terminate spot trading bot services for these pairs at the same time as the delisting, and users are advised to cancel or update their trades to avoid potential losses.
Impact of Previous Delisting
Historically, Binance delistings have had varying impacts on the market. While the immediate impact of a delisting is relatively stable, past events have shown that delistings can lead to significant price drops for affected tokens.
For example, PowerPool (CVP) and Ellipsis (EPX) fell 14% and 22% respectively after being delisted last week. Similarly, Dock (DOCK) and Mdex (MDX) plummeted nearly 30% and 23.65% respectively after being delisted last month.
What's Next?
As Binance continues to refine its services, users should stay vigilant and updated on changes to the platform. While the delisting of these pairs may not immediately disrupt the market, it highlights the importance of regularly reviewing trading strategies to adapt to current market conditions.
