Two Important Binance Announcements Affecting Many Traders
TL;DR
- Binance introduced new margin trading pairs to improve user experience. The prices of some of the affected assets have headed south amid a general market downturn.
- The exchange is also delisting several spot trading pairs due to low liquidity, continuing its practice of periodic portfolio adjustments.
Binance listed nine new isolated margin pairs, including BCH/FDUSD, LTC/FDUSD, SUI/FDUSD, FIL/FDUSD, and more. It also introduced three new cross-margin pairs: CVP/USDT, FORTH/USDT, and PROM/USDT.
“Binance Margin strives to enhance user trading experience by continuously reviewing and expanding the list of trading choices offered on the platform, allowing for greater diversification of user portfolios and flexibility with trading strategies,” the company said.
Listing a cryptocurrency on a major exchange like Binance could increase its visibility and perceived legitimacy, driving up investor demand and positively impacting its value.
However, this is usually the case for when a cryptocurrency is first listed on Binance. In this particular case, those assets were already traded on the exchange, which merely added extended support against different stablecoins. This is perhaps why the listed assets have either shown little-to-no volatility or have slightly retraced in the past 24 hours. The slump coincides with the overall condition of the market, with many leading cryptocurrencies being in the red today (January 31).
Besides adding support to the aforementioned tokens, Binance has also decided to remove the following spot trading pairs: BSW/BNB, KAVA/ETH, SCRT/ETH, SNX/BNB, UFT/ETH, and WAN/ETH. The amendments will come into effect on February 2.
The firm did not provide an exact reason for its move, reminding it to conduct periodic reviews of all listed pairs and terminating some due to factors like poor liquidity and trading volume.
Previous similar Binance efforts include the delisting of COMBO/BNB, IOST/ETH, CRV/ETH, NEO/ETH, QUICK/TUSD, QKC/ETH, RUNE/EUR, and WOO/BNB.
Prior to that, it added FC Barcelona Fan Token (BAR), Manchester City Fan Token (CITY), Paris Saint-Germain Fan Token (PSG), and others as borrowable assets on its Isolated Margin program.
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