Binance Delists 30 Trading Pairs From Platform
Today Binance revealed that it will be delisting 30 trading pairs from its platform in order to improve liquidity and trading experience.
17 different tokens will be removed from the Binance platform, with nearly all affected cryptocurrencies being left with at least one stablecoin pair in minus. However, this will not be like a total delisting, as some of these cryptos will still have some trading pairs left on the platform. This move is expected to increase liquidity by merging their trade volume.
According to the exchange, the following pairs will be removed:
“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.”
Many investors have been upset by this decision, as many of the coins that were in the pairings received funding through Binance Launchpad. Being Launchpad projects received a great amount of hype from the Binance marketing team through competitions and announcements.
Some of the assets that were launched through Binance’s Launchpad included BitTorrent (BTT), Harmony (ONE), Elrond (ERD), and WINk (WIN).
BitTorrent Failed to Perform
BitTorrent was launched this January by Justin Sun’s Tron Foundation in a record-breaking IEO, which was also Binance’s first IEO. According to Binance, the Foundation sold 23.76 billion BTT tokens in less than 15 minutes during the sale, raising a total of $7 million. But ten months later it seems that BTT did not deliver what it promised and so its BTT/ BTC pair will be delisted from the Binance platform.
The removal of trading pairs was done in order to protect the market prices from low-liquidity manipulation. When a crypto does not have any noticeable activity, pumps and dumps are much easier to experience.
A twitter trader called “CryptoBatman” theorized that the removal of pairs was actually a ploy to increase the volume of BNB, the native coin of Binance. CEO Changpeng Zhao replied to his tweet:
My #Binance trading pair delisting thoughts:
Less trading pairs = More trades to get to the coin you want
More trades = Higher volume
Higher volume = Higher profits / $BNB demand
Higher profits = Bigger $BNB Coin Burns
— CryptosBatman ⚡ (@CryptosBatman) September 30, 2019
Binance stated that it was actually some of the leaders of the project that asked for their tokens to be taken down from the platform. This has been backed up by Zac Cheah, CEO and co-founder of PundiX, confirming that Binance tried to protect their altcoin from market manipulation.
Why PundiX decided to delist $npxs token from $btc pair and keep only $eth and $usdt pair ?
– because traders were able to exploit the price with 25% profits using spread on $btc pair. Resulting in suppressed price. $NPXS price should stabilize moving forward.
— Tayyab.J | HODL (x) (@TayyabHodl) September 30, 2019
Featured image: Online-Money-Today