Binance Delists BTC, ETH, BNB Spot Trading Pairs But Here's The Catch

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Binance Delists ETH & BNB Spot Trading Pairs But There’s A Catch – Crypto News

Published

2 years ago

February 1, 2024

Dripp

Binance, a leading cryptocurrency exchange, has announced the removal of several spot trading pairs as part of its routine reviews to ensure user protection and maintain a robust trading market. Hence, the affected spot trading pairs will be removed from Binance Spot trading on Friday, February 2 at 3 a.m. UTC. The delisting concerns popular cryptocurrencies like Ethereum (ETH) and Binance’s Coin (BNB) but there’s more to it.

List Of Pairs To Be Delisted From Binance

Furthermore, it’s essential to note that the affected pairs feature Ethereum and BNB as the quote currencies and not the base currencies. According to the recent announcement, the trading pairs set to be delisted include:

BSW/BNB
KAVA/ETH
SCRT/ETH
SNX/BNB
UFT/ETH
WAN/ETH

The decision to delist these pairs is attributed to various factors, such as poor liquidity and trading volume, in alignment with Binance’s commitment to maintaining a high-quality trading environment. However, users are reassured that the removal of a spot trading pair does not impact the availability of the respective tokens on Binance Spot.

On the other hand, trading the base and quote assets for these tokens remains possible through other active trading pairs on the platform. Additionally, Binance will terminate Spot Trading Bots services for the delisted pairs at the same time. Moreover, Binance strongly advises users to update or cancel their Spot Trading Bots before the removal of the above-mentioned pairs to mitigate potential losses.

Also Read: JUP Price: Solana-Based Jupiter Token Listing Delayed By Binance, JUP Price Drops 50%

Recent Legal Quandary

On the other hand, all’s not well for Binance in the regulatory domain as it is facing legal actions by various regulatory agencies around the world. The legal clash between Binance and the U.S. Securities and Exchange Commission (SEC) recently intensified as recent court documents reveal a heightened dispute over evidence production and witness depositions.

The SEC alleges that BAM Trading Services, Binance’s parent company, hasn’t fully complied with requests for information regarding the handling of customer assets. This included probing into asset custody and liquidity, sparked by concerns about undisclosed control mechanisms similar to the FTX scandal.

BAM’s attorneys counter that the company has met all document production requirements under the consent order, accusing the SEC of burdening BAM with its Temporary Restraining Order and expedited discovery methods. The scope of the SEC’s investigation is now contested, with BAM arguing it exceeds the agreed terms, delving into broad examinations of custody policies beyond asset safety and accounting.

Also Read: Binance Eases Investors’ Worries With Independent Custodians Collaboration