Popular crypto exchange Binance is known to delist tokens every now and then, but in an interesting turn of events Binance Uganda, the East African arm of the exchange, has announced that it is going to de-list Binance Coin (BNB) the company’s native currency.
According to the official announcement, the exchange states that it periodically reviews the trading volume and liquidity of the assets that are listed on the platform to maintain the standard. The exchange wrote:
“At Binance.co.ug, we periodically review the trading volume and liquidity of the assets we list to make sure our high level of standard is met.”
“Unfortunately, when this trading standard is not met, their performance is subject to review and may result in the delisting of the coin or token,” the exchange added.
This time it looks like Binance’s own token doesn’t meet the platform’s “trading standard” and is hence being delisted from the platform. Besides this, Binance has provided no additional information as to what led to this decision.
As of now, the exchange is set to remove the BNB/UGX trading pair officially on September 7, while BNB deposits will be terminated on September 10. BNB withdrawals will be live until November 6.
As reported by The Daily Chain, Binance recently continued with its plan to launch its crypto debit card in Russia despite the rumors of an upcoming ban on crypto transactions. However, this hasn’t stopped the company and is supposedly going ahead with the launch.
Prior to that, in a move to strengthen its presence in the DeFi space, the exchange launched a new automated market maker (AMM) liquidity pool dubbed “Binance Liquid Swap.” The pool will enable liquidity providers to earn interest on their token holdings and cut down on transaction fees, rivaling DeFi protocol Uniswap.
Binance also launched Binance Launchpool, a platform that allows its customers to farm new assets, also as a part of the exchange’s efforts to make DeFi more accessible.