Earlier on Monday, Binance announced that it would be removing 30 trading pairs from its platform with the goal of improving liquidity and the trading experience for its users.
The move will see 17 different digital assets affected, with almost all affected cryptocurrencies losing one or more stablecoin trading pairs. Unlike a complete delisting, these cryptocurrencies will retain any remaining trade pairs, which is expected to help improve liquidity by consolidating their trade volume.
Removal of Binance Trading Pairs
The full list of trading pairs that are to be removed are as follows:
“ANKR/PAX, ANKR/TUSD, ANKR/USDC, BCPT/PAX, BCPT/TUSD, BCPT/USDC, BTT/BTC, DENT/BTC, DOGE/PAX, DOGE/USDC, ERD/PAX, ERD/USDC, FTM/PAX, FTM/TUSD, FUEL/ETH, GTO/PAX, GTO/TUSD, GTO/USDC, LUN/ETH, NCASH/BNB, NPXS/BTC, ONE/PAX, ONE/TUSD, PHB/PAX, PHB/USDC, TFUEL/PAX, TFUEL/TUSD, TFUEL/USDC, WAVES/PAX, WIN/BTC.”
The removal has left a bad aftertaste in the mouths of many altcoin investors since several of these trading pairs involved assets that were funded through the Binance Launchpad. Being launchpad projects, these digital assets were hyped to the high heavens by the Binance marketing team through one of their many Launchpad competitions and announcements.
BitTorrent (BTT), Harmony (ONE), Elrond (ERD), and WINk (WIN) are assets that were launched through Binance’s Launchpad.
The announcement also noted that the removal of some of these trading pairs was done at the request of the project teams themselves—although no particulars about this were revealed.
Price Drops Imminent
Regardless of the actual reason these pairs were removed, the announcement has had a clear knock-on effect on the price of these digital assets. As it stands, WIN (WIN) is down more than 11% in the last 24-hours, while BitTorrent (BTT), Harmony (ONE) and Elrond (ERD) are all experiencing losses between 0.5 to 2.5%. Despite this, ERD and ONE are still at a positive ROI compared to their IEO price, whereas BTT and WIN are down more than 20%.
The move comes at a time when Binance is gearing up for the launch of its China-centric OTC platform. It remains unclear whether the announcement will affect the availability of these trading pairs on that Chinese OTC platform. It is also unclear whether the removal of these trading pairs has anything to do with a recent report that Binance helped the UK police to investigate a $50 million fraud cause.
How do you think the removal of these trading pairs will affect the liquidity of the concerned tokens? Let us know your thoughts in the comments below!
Images are courtesy of Shutterstock.