News

Binance drops 5 altcoin trading pairs that were destroyed by the Bears

0

Binance is the biggest name in the cryptocurrency-exchange business in terms of volume and is by far the most popular crypto exchange. The exchange is infamous for the variety of investment options it provides, that range from trading a wide range of cryptocurrencies up to derivatives on crypto.

In order to provide a smooth trading experience and proper liquidity, the exchange is known to de-list trading pairs that haven’t performed very well. The company recently announced the latest batch of tokens that are being de-listed from the global exchange. Assets that have been low on liquidity would be removed since they are too risky.

5 trading pairs cease to exist

The exchange had previously faced problems pertaining to low liquidity and this time the de-listing affects Nebulas (NAS), GoChain (GO), and OST, trading with the exchange’s native token, Binance Coin (BNB). Alongside these, Sonm (SNM) and ViaCoin (VIA) paired with Ethereum, would ease trading on 2020/02/28 12:00 PM (UTC).

Binance usually delists unpopular markets as it expands the markets for those that are popular. Following the delisting of the said pairs, the assets would still be available in other trading pairs. The delisted markets were largely affected by massive bear market with GO trading at $0.01, down from about 7 cents during the peak of the bull market at the end of 2017.

NAS once surpassed $12, but later slid down to current levels of $0.42. SNM climbed to $0.57 at its peak, sliding now to just above a penny.

Included in the list, ViaCoin, had caused a series of attacks on Binance, after a hacker took control of user APIs and made outlandish bids for VIA prices. However, Binance is delisting this mainly because once VIA had peaked above $6, but now it’s deep in the red, currently priced at $0.18.

Past delistings have seen Binance drop highly risky coins or those that remained illiquid. Last September, Binance removed a batch of thirty trading pairs; with six of those trading pairs involving tokens launched on Binance Launchpad Initial Exchange Offering (IEO) platform, namely BitTorrent (BTT), Elrond (ERD), Harmony (ONE) and WINk (WIN).

Meanwhile, Binance was recently disowned by the regulators in Malta, which is supposedly the exchange’s headquarters, as they claimed that Binance was not licensed to operate in the archipelago. However, CEO Changpeng Zhao announced via a tweet that Binance has been operating as a decentralized entity, and has no particular base of operations.

Anna Larsen
Anna Larsen has been a Crypto enthusiast since 2016. Fascinated by the technology and its usecases she decided to pursue a career in content creation related to this space. The journey has been exciting ever since.

RagerX, The All-in-One RandomX Mining Solution

Previous article

Santiment: Spotting ETH Price Tops using Behavior and Volume Analysis

Next article

Comments

Leave a reply

You may also like

More in News