What Users Need to Do
Binance, one of the worlds largest crypto exchanges, has declared the delisting of nine altcoins spot trading pairs.
This action, set to take effect on August 23 at 03:00 UTC, reflects Binances attempts to enhance market quality.
What Binance Users Need To Do?
Binance assesses the performance of its listed trading pairs and removes those that do not meet liquidity and volume thresholds. The exchange claims these measures protect users and uphold a high-quality trading environment.
Read more: Binance Review 2024: Is It the Right Crypto Exchange for You?
The pairs to be removed include:
ARKM/TUSD
CHZ/EUR
ENA/EUR
FIRO/BTC
IOTA/FDUSD
JOE/TRY
OMNI/BNB
REZ/BNB
SUPER/FDUSD
Although this delisting affects specific trading channels, it does not eliminate the individual tokens from the platform.
Users can still trade the spot trading pairs base and quote assets on other trading pair(s) that are available on Binance, the crypto exchange explained.
Therefore, users with an interest in these pairs should revise their trading strategies accordingly. Importantly, the exchange will also terminate spot trading bot services for these pairs at the same time. Binance advises traders to either cancel or update their automated trades to avoid potential financial losses.
Notably, this round of delisting has not immediately influenced the market prices of the involved tokens. This stability likely stems from their continued availability in other trading pairs on Binance, which helps cushion any negative impacts.
However, the history of token delistings on Binance suggests potential volatility. For instance, Binances removal of six altcoins last week led to substantial price drops for those cryptocurrencies. Notably, PowerPool (CVP) and Ellipsis (EPX) saw declines of 14% and 22% immediately after their removal was announced.
Read more: 11 Cryptos To Add To Your Portfolio Before Altcoin Season
This trend continued from last month when tokens such as Dock (DOCK) and Mdex (MDX) experienced sharp falls, nearly 30%, and 23.65%, following their delisting. These incidents shed light on the impact of exchange listings or delisting on an altcoins valuation.
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The post What Users Need to Do first appeared on Crypto News.
Text source: Crypto News
