The cryptocurrency exchange (Binance) has announced the elimination of 20 spot trade pairs. Among them are Cardano (ADA) and Polygon (MATIC).
On Wednesday, Binance, the world’s largest cryptocurrency exchange, declared its decision to eliminate several trading pairs including Cardano (ADA) and Polygon (MATIC). Binance is set to discontinue trading for 20 crypto pairs paired with BUSD and BIDR. This action to delist and remove Cardano and Polygon trading pairs across spot, margin, and perpetual trading gained momentum following legal actions by the SEC and CFTC.
Binance’s Latest Announcement: Removal of Cardano, Polygon, and Other Cryptocurrencies
Binance, in an official statement dated September 6, disclosed its intention to discontinue trading activities for 20 spot trading pairs. Binance routinely adjusts the cryptocurrencies available on its platform. Nevertheless, the increased frequency of these adjustments is a response to the legal actions by the U.S. SEC and CFTC, as well as ongoing regulatory challenges.
“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 poor liquidity and trading volume.” (As quoted from the website.)
On September 8th at 09:00 UTC, Binance is scheduled to remove Cardano (ADA), Polygon (MATIC), and Zilliqa (ZIL) trading pairs against BIDR.
Furthermore, on September 8th, the exchange will also remove the following trading pairs: AUDIO/BUSD, BAT/BUSD, BSW/BUSD, CITY/BUSD, CVX/BUSD, FORTH/BUSD, JUV/BUSD, MOB/BUSD, OGN/BUSD, OMG/BUSD, PLA/BUSD, POLS/BUSD, REI/BUSD, RSR/BUSD, SCRT/BUSD, and TVK/BUSD.
Users are advised to update or cancel their spot trading bots before the removal of these pairs to prevent potential losses. Additionally, it is recommended that users consider trading to convert their BUSD into the FDUSD stablecoin before February 2024. On August 17, Binance delisted perpetual contracts for Cardano (ADA) and Polygon (MATIC) in BUSD pairs.
Furthermore, the exchange eliminated Cardano (ADA), Polygon (MATIC), and 37 other liquidity pools on September 1. Meanwhile, Binance is preparing to modify its zero-fee Bitcoin trading for the BTC/TUSD spot and margin trading pair. This adjustment could potentially lead to a significant selloff, similar to the 90% drop in trading volume seen after Binance terminated zero-fee trading in March.
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