- Binance is planning to delist several cryptocurrency trading pairs, including Shiba Inu (SHIB) and Chainlink (LINK).
- This move is aimed at ensuring user protection and maintaining market quality due to low liquidity and trading volume.
- Despite the delisting, some of these cryptocurrencies have shown price increases recently.
Learn why Binance is delisting several trading pairs, its impact on the market, and the performance of affected cryptocurrencies.
Binance Takes Action to Safeguard Users
Binance has announced the impending removal of multiple trading pairs from its platform, including BLUR/FDUSD, LINK/TUSD, MEME/ETH, METIS/FDUSD, NFP/BNB, OSMO/BTC, and SHIB/TUSD. This delisting will take effect on June 28 at 3:00 a.m. (UTC). The key reason behind this decision is the periodic review which revealed insufficient liquidity and trading volumes for these pairs. In line with its commitment to providing a secure trading environment for its users, Binance believes that delisting these pairs will help maintain a high-quality trading market.
Though the specific trading pairs are being removed, the tokens themselves remain available on Binance Spot. Users can continue trading these tokens against other quote assets provided on the platform, effectively ensuring no negative impact on the availability of these cryptocurrencies.
Impact on High-Volume Trading Pairs
This delisting process will leave Binance with trading pairs that have significantly higher volume, including those with USDT, TRY, and FDUSD. The strategy ensures that Binance can concentrate its resources on pairs that provide a more robust trading environment, benefiting both the exchange and its users. By periodically reviewing trading pairs, Binance aims to foster a trading atmosphere that maximizes liquidity and minimizes risk.
Performance of Affected Cryptocurrencies
Despite the impending delistings, some of the cryptocurrencies involved have shown positive price performance. As of the latest data, Chainlink (LINK) is trading at $14.06, marking a 0.54% increase over the past 24 hours. Meanwhile, Shiba Inu (SHIB), often considered a meme currency, has seen a significant 101% surge in burn rate, resulting in a 1.61% price increase to $0.0000175. Meme Coin, another affected token, is currently priced at $0.01991, reflecting a 1.67% rise from the previous day.
Context of Recent Delisting Decisions
The delisting of these trading pairs is part of a broader trend at Binance, which had recently announced the removal of AI-focused crypto trading pairs, including tokens like Ocean Protocol (OCEAN) and SingularityNET (AGIX). This indicates a meticulous approach by Binance to refine and optimize its trading pairs, removing those that underperform or no longer meet their liquidity standards.
Conclusion
Binance’s decision to delist several trading pairs underscores the platform’s dedication to user protection and market quality. While the immediate impact may seem substantial, the availability of the tokens on Binance Spot ensures continuity for traders. Moreover, the recent performance of these cryptocurrencies suggests that market confidence remains stable. Investors and traders should stay informed about such updates, as they influence trading strategies and overall market dynamics.
