1 month ago
28 ARTICLE AD
Binance Exchange has announced plans to delist Algoran, DigiByte and GMX trading pairs.
Key Notes
Binance is delisting trading pairs linked to Algorand, DigiByte, and GMX.This delisting is hinged on protecting users from illiquid crypto assets.Many in-house token cleaning has been going on for a while on Binance.Leading cryptocurrency exchange Binance recently conducted one of its routine reviews and decided to let some trading pairs go. The impacted digital currencies are Algorand ALGO $0.12 24h volatility: 1.9% Market cap: $1.01 B Vol. 24h: $50.40 M , DigiByte DGB $0.0067 24h volatility: 1.2% Market cap: $115.81 M Vol. 24h: $3.36 M , and GMX GMX $22.35 24h volatility: 2.8% Market cap: $217.87 M Vol. 24h: $13.72 M . The exchange notified its users that it made this decision to protect them and ensure that the platform maintains a high-quality trading market.
Binance Advises Users to Take Action
As revealed, spot trading pairs ALGO/FDUSD, CHR/ETH, DGB/BTC, and GMX/BTC will no longer be available on Binance as of October 25, 2024, 03:00 (UTC). To reach this decision, Binance considered the liquidity and trading volumes of the impacted cryptocurrencies, among other factors. As noted, the trading pairs did not meet the platform’s standards.
Binance announced that it will remove and stop trading the following spot trading pairs at 11:00 UTC+8 on October 25: ALGO/FDUSD, CHR/ETH, DGB/BTC and GMX/BTC. Binance will remove some spot trading pairs due to factors such as poor liquidity and trading volume.…
— Wu Blockchain (@WuBlockchain) October 23, 2024
As a major exchange with global recognition, Binance regularly reviews its offerings. This ensures that users have access to liquid and actively traded markets and helps to maintain the integrity of the crypto market.
It is worth noting that delisting a spot trading pair has no impact on the availability of the tokens on Binance Spot. Hence, users can still trade the spot trading pair’s base and quote assets on other trading pairs on Binance. In addition to removing and ceasing these trading pairs, Binance plans to terminate their Spot Trading Bots services.
As a result, all users engaging the aforementioned spot trading pairs are advised to update and cancel their Spot Trading Bots. Noteworthy, this must be done before the cessation of Spot Trading Bots services to avoid potential losses.
Binance Delist And Autoconvert Several Cryptocurrencies
One of Binance’s recent delisting exercises involved APE/ETH, ATOM/BNB, BAL/BTC, and BNB/DAI. These spot trading pairs were removed from the platform on October 11 at 03:00 UTC. Similarly, the exchange is planning an automatic conversion of a few tokens to USD Coin USDC $1.00 24h volatility: 0.1% Market cap: $34.56 B Vol. 24h: $4.43 B . Precisely, Tornado Cash (TORN), OMG Network OMG $0.26 24h volatility: 0.5% Market cap: $36.48 M Vol. 24h: $4.08 M , and Waves WAVES $1.10 24h volatility: 0.6% Market cap: $109.60 M Vol. 24h: $23.57 M will be auto-converted to the United States dollar-pegged stablecoin.
Other cryptocurrencies faced with the same autoconversion exercise are Vai VAI $0.08 24h volatility: 3.0% Market cap: $26.55 M Vol. 24h: $353.54 K , NEM XEM $0.02 24h volatility: 0.9% Market cap: $156.58 M Vol. 24h: $3.09 M , BarnBridge (BOND), Dock (DOCK), Mdex (MDX), Polkastarter POL $0.36 24h volatility: 1.8% Market cap: $2.74 B Vol. 24h: $73.11 M , and Pundi X PURSE (PURSE). The conversion will hinge on users’ holdings in their wallets at the time of the snapshot. This snapshot is scheduled for October 29 at 00:00 (UTC).
On the other hand, the autoconversion will be effective from April 28, 2025, at 23:59 (UTC). The scheduled “Conversion Period” is from October 29, 2024, 00:00 (UTC) to April 28, 2025, 23:59 (UTC).
Alternatively, those who wish to retain their holdings are advised to transfer them to other wallets before the due date. After that, the trading platform will no longer allow withdrawals to an external account. Affected users started receiving notifications from the exchange on October 15, 2024, at 23:59 (UTC).
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.
Algorand (ALGO) 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.
