Binance Announces Delisting of Major Trading Pairs
Binance, the largest crypto exchange by trade volume, has announced that it will delist some margin trading pairs from its platform. The announcement which has drawn attention from both users and onlookers has been speculated to affect the broader crypto market.
As Binance continues to manage risk and maintain market stability, the exchange giant has taken proactive measures to ensure better trading experiences for its global users.
Binance to Delist 6 Trading Pairs from its Platform
In a recent announcement dated May 22, the leading crypto exchange Binance has informed Binancians (users of Binance) that the following pairs will be removed from the platform; Cross Margin pairs such as MDX/BTC, SEI/TUSD, SUI/TUSD, and Isolated Margin pairs ALPACA/BTC, ARKM/TUSD, CHESS/BTC, MDX/BTC, SEI/TUSD, SUI/TUSD. According to the update, the trading pairs will be delisted on May 31 at 06:00 (UTC).
However, Binance pointed out that before the final date, Isolated Margin borrowing will be suspended for the aforementioned starting from May 24 at 06:00 (UTC). On the date of the cessation, Binance Margin will close users’ positions as well as conduct an automatic settlement and cancel all pending orders relating to the above trading pairs. Subsequently, the pairs will be removed from the margin.
Importantly, Binance noted that users can still trade the above-mentioned assets against other trading pairs that are available on Binance Margin. Additionally, Binance advises users to take proactive measures by closing their positions or transferring their assets from Margin Wallets to Spot Wallets before the deadline to prevent potential losses. Also, will not be able to adjust their positions during the period of delisting. It is important to note that the announcement only applies to users who are in countries or regions where the products mentioned are available.
Price Reactions of Affected Coins Amid Delisting
Meanwhile, the prices of the 6 tokens affected by the recent Binance delisting have shown varied reactions in the last 24 hours. According to data from CoinMarketCap, the Mdex (MDX) token has surged by 6.01% to trade at $0.053 over the last day. However, Sei (SEI) has taken a hit, declining by 3.01% to trade at $0.56 within the recorded time.
Sui (SUI) has reacted negatively after its price dropped by 1.17% to trade at $1.12. Alpaca (ALPACA) on the other hand has jumped by 3.81% to trade at $0.18. For Arkham (ARKM), the token has recorded a dip of 2.56% in the last 24 hours, currently changing hands at $2.54. Lastly, Tranchess (CHESS) has dropped 5.59% of its value to trade at $0.187.
Announcements such as this from top crypto exchanges often have significant impacts on the price of affected assets. While positive news brings an upward movement, negative news usually sends the price of the token south. Investors are closely watching to see the long-term impact of this development on the value of the assets.
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