As a seasoned researcher and long-time observer of the cryptocurrency market, I find myself intrigued by Binance’s latest moves. The addition of BTC/BRL and USDT/BRL trading pairs to their Bot program is a strategic move that will undoubtedly benefit traders in Brazil, as it simplifies entry and exit from the crypto market for them. This isn’t the first time Binance has made such an effort – they introduced a similar service for Mexican users earlier this year.
TL;DR
- Binance will add two pairs to its Bots program, enabling direct trading against the Brazilian Real.
- On the other hand, it will delist several trading pairs, with some of the affected cryptocurrencies experiencing a brief price decline following the disclosure.
The Upcoming Addition
Starting September 13th, the primary digital currency exchange is expanding its trade options by introducing BTC/BRL and USDT/BRL pairs on their Binance Trading Bots service. These new trading choices will be accessible to users from tomorrow.
Yet, Binance has disclosed that the upcoming trading pairs may only be accessible for users based on their country or region of origin. For instance, individuals residing in the United States, Canada, Iran, the Netherlands, Cuba, Syria, and other specified areas will not have the ability to engage with these pairs.
The abbreviation BRL represents the Brazilian Real, which is the official currency of Brazil. By introducing direct trading options between Bitcoin (BTC) and the Brazilian Real (BRL), along with Tether (USDT) and the Brazilian Real (BRL), it simplifies the process for local traders to participate in the cryptocurrency market. This is because they no longer need to convert their funds into other currencies, such as US dollars, beforehand.
Previously this year, Binance initiated a comparable project that advantaged Mexican users. They started offering trading services and introduced Spot Algo Orders Trading Bots for the USDT/MXN currency pair.
Delisting and Maintenance
In addition to introducing new trading pairs, Binance frequently takes down some existing ones, primarily due to issues like low liquidity and insufficient trading volume. The next set of delistings is planned for September 13, meaning that the BAND/TRY, LSK/ETH, NTRN/BTC, and PROM/BTC pairs will no longer be accessible to users starting from that date.
As a researcher, I’d like to emphasize that it’s crucial for users to upgrade or deactivate their Spot Trading Bots before the discontinuation of our Spot Trading Bot services. This step is taken to ensure that you steer clear of any potential financial losses.
After the announcement on September 12, the prices of certain cryptocurrencies began to drop. However, they moved into positive territory, aligning with the overall digital currency market, the next day.
As a researcher, I’m sharing that Binance, like many exchanges, performs wallet maintenance for specific networks to ensure smooth functioning. A recent instance of this occurred at the start of September with the BNB Smart Chain (BEP20). During this maintenance, deposits and withdrawals on the network were temporarily halted, but trading activities remained unaffected.
In May, Binance performed maintenance on Ethereum (ETH) network wallets, followed by a similar maintenance for The Open Network (TON) three months later. Just like the previous initiative, withdrawals and deposits were temporarily halted within these ecosystems. Operations resumed once all tasks had been completed.
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2024-09-12 18:14