As a seasoned analyst with years of experience navigating the cryptocurrency market, I have witnessed firsthand the ebb and flow of digital assets on various exchanges. The recent announcement by Binance to delist four trading pairs is a familiar occurrence for me – periodic reviews are essential for maintaining a healthy ecosystem within an exchange.
TL;DR
- The exchange will delist four trading pairs on September 13, but the underlying tokens will remain available on Binance Spot.
The company recently increased collateral ratios for some cryptocurrencies and completed routine maintenance on the BNB Smart Chain.
The Upcoming Update
The leading global cryptocurrency exchange regularly assesses all trading pairs listed on its platform, eliminating those with low liquidity and trading activity. As a result of their most recent study, they have chosen to remove BAND/TRY, LSK/ETH, NTRN/BTC, and PROM/BTC from their platform.
The initiative will take place on September 13. It is strongly recommended that users update or deactivate their Spot Trading Bots before the discontinuation of the service on this date, as doing so can prevent any possible financial losses, according to Binance’s warning.
The company announced that halting support for the specified token pairs won’t impact the accessibility of the tokens on Binance Spot, as users can continue to trade the base and quote assets of the spot trading pair on alternative pairs offered by Binance.
A significant drop in backing for this significant cryptocurrency exchange might lower the price of the associated digital currencies. This could stem from reduced accessibility, diminishing trust, and concerns about further de-listing. Currently, BAND, LSK, NTRN, and PROM are all experiencing slight declines over a 24-hour period.
It’s interesting to point out that their poor performance mirrors a broader decline in the cryptocurrency market, which has seen its global market capitalization decrease by 2% each day. As of now, it stands at approximately $2.08 trillion, according to CoinGecko’s latest data.
Binance’s Previous Amendments
Apart from introducing new trading options and discontinuing some existing ones, the company frequently makes other enhancements. Notably, this month they boosted the collateral ratio for various cryptocurrencies including popular meme coins such as Floki Inu (FLOKI) and Dogs (DOGS).
The update lasted around one hour, following which FLOKI‘s share ratio increased to 40%, up from its earlier 35%. Interestingly, DOGS saw a much larger increase: soaring from 10% to 30%.
The collateral ratio represents the proportion of assets needed as security for a loan or to keep an open position active. Typically expressed as a percentage, it demonstrates the worth of the collateral relative to the borrowed amount. A higher ratio offers more confidence that the lender can recover their funds, even during market downturns.
Following a brief period, Binance performed upkeep on the BNB Smart Chain (BEP20) wallet. This maintenance halted deposits and withdrawals momentarily on the network, but service was restored upon completion of the task.
The trade of tokens on the previously mentioned network will remain unaffected. Binance will manage all technical necessities for all users regarding this matter.
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2024-09-11 17:30