Major Binance Announcement Affecting Many Altcoin Traders: Details
TL;DR
- Binance will remove several trading pairs and terminate certain Trading Bots services on June 7.
- Despite the delisting, most involved cryptocurrencies remain unaffected in price, with only MEME seeing a slight decrease, while the rest are benefiting from the overall bullish market.
Another Binance Update
The world’s largest cryptocurrency exchange continues to implement changes on its platform “to protect users and maintain a high-quality trading market.” Its latest amendment includes the removal of several trading pairs, such as DOT/TUSD, SAND/BNB, MAGIC/FDUSD, MEME/BNB, XAI/TUSD, and ACE/BNB.
The delisting effort will come into effect on June 7. Spot Trading Bots services for the aforementioned pairs will also be terminated on that date.
“Users are strongly advised to update and/or cancel their Spot Trading Bots prior to the cessation of Spot Trading Bots services to avoid any potential losses,” Binance warned.
The announcement appears to have not affected the prices of most of the involved cryptocurrencies. MEME is the only one registering a mild decrease, while the rest are well in the green in resonance with the overall bullish condition of the entire cryptocurrency market today (June 5).
A huge price decline usually occurs when Binance halts all services with a specific digital asset, not only certain trading pairs. Such was the case in February when the popular privacy coin Monero (XMR) tumbled by over 20% after the exchange withdrew its support.
A similar thing happened earlier this week when Binance terminated trading services with OmiseGO (OMG), Waves (WAVES), Wrapped NXM (WNXM), and NEM (XEM). Most of the affected tokens plunged by double digits shortly after the disclosure.
Binance’s Previous Announcements
Besides removing trading pairs due to poor liquidity, level and quality of development activity, and other reasons, Binance frequently introduces new ones to users.
Last week, it added BTC/MXN, XRP/MXN, ENS/USDC, and LDO/USDC on Binance Spot. Two of those touch upon the Mexican peso (MXN) – the national currency of the Latin American country. Earlier this year, the company launched a direct pair between USDT and MXN.
Prior to that, Binance included PEPE/EURO, AR/FDUSD, ENA/EUR, REZ/USDC, and TRB/FDUSD as trading choices on Binance Spot. It also allowed trading bots services for PEPE/EURO, BB/USDT, NOT/USDT, AR/FDUSD, ENA/EUR, PEPE/EUR, REZ/USDC, and TRB/FDUSD.
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