The post Binance Delisting News: Major Cryptos Dropped Amid Market Efficiency Drive appeared first on Coinpedia Fintech News
Binance, the world’s leading cryptocurrency exchange, has announced its decision to delist nine spot trading pairs. This move includes high-profile cryptocurrencies such as ARKM, CHZ, ENA, FIRO, IOTA, JOE, OMNI, REZ, and SUPER, affecting their trading against various fiat and crypto pairs like TUSD, EUR, BTC, FDUSD, TRY, and BNB. Despite the delisting, these tokens remain available for trading through other pairs on the platform.
A lot to unpack. Let’s dive in, shall we?
Why the Delisting?
The delisting of all 9 trading pairs will start from August 23 at 03:00 UTC. Binance’s decision is part of an ongoing effort to improve trading quality and market efficiency on its platform. The exchange regularly reviews its listed trading pairs, focusing on liquidity and trading volume. Pairs that fall short of these standards are subject to removal, a step Binance believes will protect users and maintain a high-quality trading environment.
Market Reaction and User Guidance
The announcement has already triggered significant reactions within the crypto community, with some initial price volatility observed as traders adjust their strategies. Binance has reassured users that the delisted pairs’ are still available for trading through other pairs, to minimize the potential losses.
Users affected by this change are advised to revisit their trading strategies, particularly those using automated trading bots. Binance will terminate spot trading bot services for these pairs at the same time as the delisting, and users should cancel or update their trades to avoid potential losses.
Impact of Previous Delistings
Historically, Binance’s delistings have had varying effects on the market. While the immediate impact of this round of delisting has been relatively stable, past events have shown that delisting can lead to significant price drops for affected tokens. For example, PowerPool (CVP) and Ellipsis (EPX) experienced declines of 14% and 22%, respectively, following their removal last week. Similarly, Dock (DOCK) and Mdex (MDX) saw sharp falls of nearly 30% and 23.65% after being delisted last month.
What’s next?
As Binance continues to refine its offerings, users should remain vigilant and stay informed about the platform’s changes. While the delisting of these pairs may not immediately disrupt the market, it underscores the importance of regularly reviewing trading strategies to adapt to the current market conditions.
Also Check Out: New Lawsuit Against Binance: Is the ‘Crypto-Wash Empire’ About to Collapse?