The elimination will take effect as of October 25, 2024.
Binance removes pairs due to multiple factors, such as low liquidity and trading volume.
Binance, the main cryptocurrency exchange platform, announced this October 23 that it will remove four trading pairs from its platform.
The measure, effective from October 25, 2024, will affect the pairs ALGO/FDUSD, CHR/ETH, DGB/BTC and GMX/BTC.
According to the official announcement“to protect users and maintain a high-quality trading market, Binance conducts periodic reviews of all listed spot trading pairs, and may delist selected spot trading pairs due to multiple factors, such as the little liquidity and trading volume.” This review is done with the objective of ensuring that only pairs with sufficient liquidity and activity remain on the platform.
Excluding a spot trading pair does not affect the availability of tokens on Binance Spot. Users still can trade on the basis of the spot trading pair and list assets in other available pairs.
Still, Binance “strongly” recommends users upgrade or cancel their spot trading bots before the cessation of spot trading bot services. to avoid possible losses.
In relation to Dual Investment subscriptions, specifically ALGO-FDUSD, these will be refunded on 10/24/2024 at 08:00 (UTC). Investment assets and user rewards They will be distributed to users’ spot wallets within 6 hours.
Rewards will be calculated based on the actual subscription period. For example, if a user subscribed to ALGO-FDUSD Buy Low with a settlement date of October 25, 2024 on October 8, 2024, the actual subscription period would be 16 days, Binance explains.
Following the announcement, the affected cryptocurrencies recorded drops in price. Algorand’s ALGO fell 2.03%, Chromia’s CHR fell 3.87%, DigiByte’s DGB fell 1.11% and GMX fell 2.93%, according to data from CoinMarketCap. This movement reflects the market’s sensitivity to news of this type, although it does not necessarily indicate a long-term trend.
Recently, CriptoNoticias reported the elimination of four other trading pairs by Binance, also due to lack of liquidity. On that occasion, the affected pairs included USDX/BUSD, TUSD/BUSD, and others, reflecting a trend by Binance towards optimizing its trading offering based on liquidity and volume.
Binance’s removal of trading pairs is a regular measure to ensure market quality and security, according to its claims. Although it may generate short-term volatility, these adjustments seek to maintain a suitable platform for traders.
This article was created using artificial intelligence and edited by a human Editor.
