Recently, Binance, a major cryptocurrency exchange, has been actively removing several notable spot trading crypto pairs from its list.
The exchange has officially declared its intention to delist 10 GBP spot pairs, which includes well-known cryptocurrencies such as Solana (SOL), Bitcoin (BTC), Ethereum (ETH), Chainlink (LINK), Polygon (MATIC), Dogecoin (DOGE), Ripple (XRP), Binance Coin (BNB), and Litecoin (LTC) from its trading portfolio.
Binance Delisting Announcement and Schedule
On December 22, Binance, a major cryptocurrency exchange, announced the scheduled delisting of 10 GBP spot pairs from its trading portfolio. The delisting process is set to commence on December 29, 2023, during which these pairs, including cryptocurrencies like Solana (SOL), Bitcoin (BTC), Ethereum (ETH), and others, will cease trading on the platform. Users will lose access to and the ability to trade any of the affected GBP spot pairs.
Total crypto market cap at $1.62 trillion on the daily chart: TradingView.com
The primary reason cited by Binance for this delisting initiative is to prioritize user protection and maintain a secure and high-quality trading environment for crypto investors. Binance conducts regular reviews of all listed spot trading pairs and may choose to delist specific pairs based on various factors.
In their statement, Binance emphasized, “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.”
The specific spot trading pairs to be delisted as of December 29, 2023, at 03:00 (UTC) include ADA/GBP, BNB/GBP, BTC/GBP, DOGE/GBP, ETH/GBP, GBP/USDT, LINK/GBP, LTC/GBP, MATIC/GBP, SOL/GBP, and XRP/GBP.
Binance Delisting Amid Regulatory Challenges
In recent times, Binance has been actively delisting numerous crypto pairs, adding to its series of removals. The exchange had previously announced the delisting of several USDT trading pairs, including BTS, PERL, TORN, and more. Additionally, Binance revealed the impending removal of 30 spot crypto trading pairs, scheduled for December 27.
These delisting moves align with Binance facing various regulatory and legal challenges. The exchange, led by its former CEO Changpeng Zhao, has been navigating legal action, particularly in light of pleading guilty to money laundering requirements as part of a settlement with the United States Department of Justice. Binance had previously faced charges of money laundering violations earlier in the year, prompting efforts to rebuild its reputation and align with the regulatory and legal standards set by the US government.
Despite the delisting procedures, Binance assures its users that the removal of these pairs will not impact other transaction pairs or transactions occurring within the exchange as a whole. This assurance comes as part of Binance’s ongoing efforts to adapt and comply with evolving regulatory and legal demands.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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