One of the world’s leading crypto exchange platforms, Binance has announced plans to delist twenty (20) spot trading pairs on its platform, which will take effect on June 14, 2023.
Binance via its website revealed the trading pairs to be delisted, which include; BIFI/BUSD, DASH/BNB, FIO/BUSD, GAL/BNB, ILV/BNB, KLAY/BNB, LIT/ETH, MC/BNB, MLN/BUSD, ONE/ETH, OXT/BUSD, PEOPLE/BNB, PEOPLE/ETH, QNT/BNB, WAXP/BNB, XTZ/ETH, ZEC/BNB, and ZRX/ETH.
The crypto exchange advised users to adjust their trading strategies accordingly before the delisting of the above-mentioned pairs will take effect on the scheduled date.
The delisting of these pairs is coming after Binance.US via an official statement released on June 7, 2023, disclosed its plans to remove 102 spot trading pairs involving USDT, BTC, and USD, and also halt OTC services.
The decision came two days after the crypto exchange was slammed with a lawsuit by the U.S. Securities and Exchange Commission (SEC).
Also, Binance.US will significantly limit the range of coins available for trading, restricting it to a curated selection that includes ETH, USDC, BNB, ADA, GALA, DOT, AVAX, USDT, BTC, FET, ATOM, APT, MATIC, LTC, DOGE, SHIB, FTM, APE, SOL, and LINK. This limited set of coins will be accompanied by 226 supported trading pairs.
The reasons underlying Binance US’s delisting spree remain unknown to the public. However, Investors King understands that the delisting of trading pairs encompasses majorly tokens implicated in the SEC lawsuit, accused of being unregistered securities.
Recall that the SEC in a lawsuit, alleged that Binance operated unregistered securities on its platform, and failed to restrict U.S. customers from trading on the platform noting that it was not registered.
Notably, the lawsuit spurred trading platform Robinhood to disclose that it was delisting some crypto tokens, Cardano, Solana, and Polygon, on the Binance Platform, after SEC listed them as unregistered securities in their lawsuit.
The ongoing lawsuit between Binance.US and the SEC has no doubt brought the spotlight firmly on Binance, the global parent company. Also, the legal battle has impacted the cryptocurrency market, with significant occurrences in the fluctuation of crypto prices being experienced in the industry lately.
