The world’s biggest crypto exchange was in the news recently after it delisted several spot trading pairs starting September 8. The popular exchange took the decision after assessing the spot trading pairs and parameters like their trading volume and liquidity.
According to reports, Binance would stop trading activities for spot trading pais like MOB/BUSD, JUV/BUSD, AUDIO/BUSD, BAT/BUSD, CITY/BUSD, FORTH/BUSD, CVX/BUSD and BSW/BUSD. While the aforementioned pairs were part of the initial phase, Binance will continue with ceasing trading of many other spot trading pairs like ZIL/BIDR, OGN/BUSD, MATIC/BIDR, PLA/BUSD, UTK/BUSD, REI/BUSD and TVK/BUSD, among others.
It should be noted that though Binance might delist these trading pairs, the move won’t affect the availability of the cryptocurrencies on Binance Spot. Cryptocurrency users can continue trading the base and quote of these trading pairs with other available pairs on Binance.
Analysts claimed that they have been closely tracking the markets to gauge any impact on the performance of the Top 10 cryptocurrencies.
About Binance:
Binance is a leading cryptocurrency exchange platform that is trusted by millions of users for information about live cryptocurrency prices. The platform was rolled out in 2017 and is currently the biggest crypto exchange in terms of daily trading volume. It has a native cryptocurrency called the BNB token. Apart from its crypto exchange, Binance has launched multiple other DeFi products that include a blockchain network and a Web 3.0 wallet. The Binance Network includes blockchains like the Binance Smart Chain and Binance Chain.
Over the years, Binance has managed to carve a niche for itself by launching innovative solutions like the BEP-95 upgrade. As part of the upgrade, the system burns a share of BNB tokens that are used for paying gas fees for transactions processed on the Binance Smart Chain. Along with its auto-burn feature, the upgrade enabled the Binance network to lower its gas fee and improve its decentralization.
However, the exchange has been reeling under a regulatory crackdown in countries like the US. Earlier in June this year, the US Securities and Exchange Commission (SEC) filed a lawsuit against Binance accusing it of allegedly violating laws by operating as a securities exchange without registering with the regulatory body. At the same time, Binance has been accused of misappropriating customer funds.
Disclaimer: This article was created for informational purposes only and should not be taken as investment advice. An asset’s past performance does not predict its future returns. Before making an investment, please conduct your own research, as digital assets like cryptocurrencies are highly risky and volatile financial instruments.
