As part of its regular review, Binance announced on Wednesday that it plans to remove several cryptocurrency pairs against Bitcoin (BTC) from its trading list. These include C98, IDEX, FIS, MBOX, REN, and TKO. Following the announcement, the prices of these coins fell by between 1% and 4%, sparking pessimism among traders.
Remove cross and isolated margin trading pairs
In an official announcement on November 20, Binance revealed its plan to remove cross-margin and segregated pairs for some cryptocurrencies soon.
According to the announcement, the cross-margin trading service for C98/BTC and IDEX/BTC will be discontinued on November 27 at 06:00 UTC.
Additionally, trading of the isolated margin pairs C98/BTC, FIS/BTC, IDEX/BTC, MBOX/BTC, REN/BTC, and TKO/BTC will be halted on the same date and time.
This decision has raised concerns about the expected decline in the prices of these assets, especially with Binance reducing the trading options available for these currencies, which is considered one of the factors affecting the performance of these digital currencies in the market.
Stop asset transfers and close open positions
Binance has announced that, effective immediately, users will not be able to transfer any amounts of the mentioned assets via manual transfer or through automatic transfer mode to their isolated margin accounts.
It also explained that as of November 21 at 06:00 UTC, the platform will stop offering margin borrowing for the mentioned pairs.
In addition, all open positions of users will be closed and the automatic settlement process will start on November 27 at 06:00 UTC, as well as all pending orders on these pairs will be cancelled.
However, it is important to remember that users can still trade these assets via Binance's spot trading platform.
The impact of advertising on the performance of the cryptocurrencies concerned
Overall, Binance’s announcement led to a drop in the price of these coins throughout the day. For example, C98 fell by 2% to $0.1459. The price of the coin ranged between $0.142 and $0.1518 over the 24 hours.
IDEX also fell 1% to $0.04033, between a low of $0.03915 and a high of $0.04354.
FIS price fell by 2% to $0.3464, and ranged between $0.332 and $0.3645 during the day. MBOX saw a 4% decline to $0.1875, while its lows and highs were $0.1814 and $0.1949, respectively.
REN also fell by 6% to $0.04049, while it ranged between $0.03936 and $0.04322.
Finally, TKO price decreased by 1% to settle at $0.315, between a low of $0.3054 and a high of $0.3247.
These coins are likely to continue to record further declines as Binance no longer supports these pairs, reducing trading flexibility for traders and investors.
According to CoinGape Media, Binance delisted four other tokens from its platform last month, raising similar concerns about price performance.
Binance periodically reviews the cryptocurrency pairs it offers for trading. This is part of its efforts to enhance the platform’s efficiency and provide the best services to its users, but these decisions are not without impact on prices.
