Binance, a big crypto exchange, said they will no longer offer some types of trading on their website. The news on October 20 made waves in the crypto community when they announced it. The exchange talked about how they’re getting rid of certain trading pairs.
According to the announcement from Binance, the platform is changing its plans for what it offers, which will affect the crypto community. The announcement on Friday said that some factors will cause the delisting.
“Binace is no longer offering certain spot trading pairs. ”
Binance is known for offering a lot of different cryptocurrency pairs for trading. It has given its users access to many different digital assets for trading. Using the changing market as a guide, Binance has decided to put some of its plans into action.
On Friday, the Binance crypto exchange said it will no longer trade certain types of cryptocurrencies. The platform checks all the digital assets on its network regularly and might remove some of them based on different reasons.
One of the main reasons for the delisting is that not many people are buying and selling the stock, making it hard to trade. The market checks its products to make sure they match what people want, what the company needs, and what the rules say.
These are the pairs of cryptocurrencies that can be traded directly. These were removed at 5:00 in the morning (UTC time).
The other cryptocurrencies were going to be removed from the list at 07:00 (UTC). They were IOTA/BUSD, JOE/BUSD, KNC/BUSD, MBOX/BUSD, MINA/BUSD, MOVR/BUSD, QI/BUSD, QNT/BUSD, SNX/BUSD, SYS/BUSD, THETA/BNB, TKO/BUSD, VOXEL/BUSD, ZEC/BUSD.
The report on Friday said that Binance will stop trading certain pairs, but they will still be available on Binance Spot. The platform said it will take BUSD off the list of digital assets. It wants users to change their assets to FDUSD using the conversion portal at a 1:1 ratio. The delisting happened at 05:00 (UTC) on 20 October.
What does this announcement that the cryptocurrency will no longer be listed mean for the people who use cryptocurrency.
Binance said, “People who have money in these pools will get their assets in their Spot wallets without having to do anything. ”
Even though memecoins like Shiba Inu (SHIB) and Dogecoin (DOGE) were removed from some platforms, they are still doing well. DOGE went up by 3% in the last day, and SHIB has seen a 4% increase in its numbers. This information comes from data analyzed by CoinGecko.
Bitcoin has reached $30,000 for the first time since August. XRP went up 12% in the last day and reached $0. 53 Other cryptocurrencies that have suddenly increased in price this week include Solana (SOL), which went up by 12% in the last 24 hours.
The change in crypto prices shows that there might be a good opportunity for people who invest in crypto to make more money. You can use these things to your benefit, and Binance Exchange is really good at providing useful and dependable services.
But, removing certain trading pairs from the market has affected the crypto space, but it hasn’t caused major changes in the market yet.
Disclaimer: The information given is not for trading.