Binance Delists ETH & BNB Spot Trading Pairs But There’s A Catch
Binance, one of the top cryptocurrency exchanges, has decided to remove several spot trading pairs in order to prioritize user protection and maintain a strong trading market. The affected trading pairs will be removed from Binance Spot trading on February 2 at 3 a.m. UTC. However, this delisting comes with a twist.
List Of Pairs To Be Delisted From Binance
It’s important to note that the delisted pairs have Ethereum (ETH) and Binance Coin (BNB) as quote currencies, not base currencies. The trading pairs that will be delisted include:
- BSW/BNB
- KAVA/ETH
- SCRT/ETH
- SNX/BNB
- UFT/ETH
- WAN/ETH
The decision to remove these pairs is based on factors such as poor liquidity and low trading volume, as Binance aims to provide a high-quality trading environment. However, users can still access these tokens through other active trading pairs on the platform. Binance advises users to update or cancel their Spot Trading Bots before the removal of these pairs to avoid potential losses.
Recent Legal Quandary
Binance is currently facing legal actions from regulatory agencies worldwide. The clash between Binance and the U.S. Securities and Exchange Commission (SEC) has intensified, with court documents revealing disputes over evidence production and witness depositions.
The SEC alleges that Binance’s parent company, BAM Trading Services, has not fully complied with requests for information regarding customer asset handling. This investigation was triggered by concerns about undisclosed control mechanisms, similar to the FTX scandal. BAM’s attorneys argue that they have met all document production requirements and accuse the SEC of burdening them with a Temporary Restraining Order and expedited discovery methods.
The scope of the SEC’s investigation is now being contested, with BAM claiming that it exceeds the agreed terms by delving into broad examinations of custody policies beyond asset safety and accounting.
Hot Take: Binance’s Delisting Decision Raises Questions
Binance’s decision to delist certain trading pairs raises questions about its commitment to maintaining a diverse and inclusive trading market. While the removal is justified based on factors like liquidity and trading volume, it limits users’ options and may have unintended consequences. Additionally, Binance’s ongoing legal clash with the SEC further complicates the situation. It remains to be seen how these developments will affect Binance’s reputation and standing in the crypto community.
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