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Binance Exchange remains at the forefront of in-house cleaning with 4 trading pairs set to leave the platform soon.
Key Notes
Trading pairs FIL/BNB and OP/BNB are among 4 to leave Binance soon.The exchange has set an October 4 deadline to sunset these trading pairs.Exchange token pair delistings is becoming commonplace.Binance, the leading cryptocurrency exchange, has removed a few trading pairs from its platform as part of its routine review. The decision will affect Filecoin FIL $3.63 24h volatility: 1.0% Market cap: $0.00 B Vol. 24h: $0.00 M and Optimism OP $1.67 24h volatility: 1.0% Market cap: $0.00 B Vol. 24h: $0.00 M spot trading pairs.
Specifically, the exchange will delist ACE/FDUSD, FIL/BNB, OP/BNB, and TRB/FDUSD. According to the schedule, Binance will remove and cease spot trading for them on Friday, October 4, 2024, at 03:00 (UTC).
Price of FIL And OP Impacted by Binance’s Delisting Update
In the update to platform users, Binance clarified that delisting these tokens aligns with its plans to protect the users. The firm also highlighted its commitment to maintaining high-quality trading markets. These tokens have likely fallen short of Binance liquidity, trading volume, and stability standards.
The crypto firm noted that the move has no impact on the availability of Binance Spot’s assets. As a result, users can still trade the aforementioned spot trading pairs’ base and quote assets on other trading pairs on the platform. Spot Trading Bots services for all the spot trading pairs to be delisted will be terminated simultaneously with the delisting action.
Users must update or cancel their Spot Trading Bots for the trading pairs to avoid any possible loss before the termination is implemented. Following the news of the delisting action, the underlying cryptocurrencies of the spot trading pairs have reacted slightly. At the time of this writing, FIL traded at $3.66, corresponding with a 6.66% price dip in the last 24 hours.
Optimism is down by 9.49% within the same period, trading at $1.69. In a plot twist, FIL trading volume currently has a positive sentiment. With a 34.74% increase in 24 hours, FIL has a trading volume of $192 million, suggesting continued investors’ interest in the token. The same situation applies to OP, with a trading volume of $228.8 million after a 48.87% surge.
At the beginning of the second half of 2024, AVAX/TUSD, MATIC/TUSD, and VOXEL/BTC spot trading pairs and bots were taken off the Binance platform. ALPACA/BTC, MDX/BTC, NFP/TUSD, QUICK/BTC, and XAI/BNB were removed from the trading website a few weeks earlier.
OKX Undergoes Week-long Delisting Exercise
It is worth noting that other exchanges have had an even larger delisting action in the past, even carrying them out in batches over a few days. Notably, cryptocurrency exchange OKX decided against continuing with some Bitcoin (BTC), Ethereum (ETH), and XRP trading pairs in July.
The delisting process was designed to be gradual, occurring at different times over about one week. In August, OKX also announced its plans to phase out FITFI/USDT, TAMA/USDT, and WNCG/USDT among others. This exchange conducts most of its delisting or listing exercises based on its Rules on Hiding TOKENs and Offline Trading Pairs.
OKX obtains feedback and complaints from its users. Then, it progresses to check if these trading pairs have violated its established offline rules or may have high risks. Once a concern is established, a delisting action follows. Ultimately, the aim is to create a healthy digital asset environment in the blockchain industry while optimizing the liquidity of the trading pairs and providing users with a good trading experience.
Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
Filecoin (FIL) News, Binance News, Cryptocurrency News, News
Benjamin Godfrey is a blockchain enthusiast and journalist who relishes writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desire to educate people about cryptocurrencies inspires his contributions to renowned blockchain media and sites.
