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February 6, 2025

Binance Delisting Announcement Sparks Double-Digit Price Declines for Affected Assets

The world’s largest cryptocurrency exchange, Binance, has announced the removal of several margin trading pairs from its platform, resulting in significant price declines for the affected assets. This move is part of the company’s periodic review of its trading pairs to maintain a high-quality trading market and protect users.

The Delisting Spree: Affected Assets and Trading Pairs

According to the official announcement, the following margin trading pairs will become unavailable to clients from January 16: LIT/BTC, NULS/BTC, SFP/BTC, BEL/BTC, LSK/BTC, and SFP/BTC. Additionally, Binance will delist the spot trading pairs AXL/FDUSD, C98/BTC, and ENJ/ETH on January 10. The company has explained that users will no longer be able to transfer assets of the aforementioned pairs into their Isolated Margin accounts, and those with outstanding liabilities will only be able to manually transfer up to the amount of liabilities.

Impact on Affected Assets and the Broader Market

The delisting of these trading pairs has had a negative impact on the prices of the affected digital assets, with many experiencing double-digit declines in the past 24 hours. This is not surprising, as withdrawing support from a major crypto exchange like Binance can cause reputational damage and limited accessibility. The correction of the broader digital asset market, which saw Bitcoin (BTC) soar above $102,000 on January 7 only to nosedive by over $7,000, has also contributed to the poor performance of these assets.

The Opposite Effect: Binance’s Addition of New Trading Pairs

In contrast, Binance’s addition of new trading pairs often leads to significant price surges for the involved cryptocurrencies. For example, the listing of Cow Protocol (COW) and Cetus Protocol (CETUS) in November last year resulted in a 70% increase in their valuations shortly after the disclosure. Similarly, the meme coin Simon’s Cat (CAT) saw a significant price pump after being included in Binance’s HODLer Airdrops Portal.

See also  From Crypto Exchanges to Global Finance: Stablecoins' Emerging Role

Conclusion

Binance’s delisting announcement has had a significant impact on the prices of the affected assets, with many experiencing double-digit declines. However, the company’s addition of new trading pairs can have the opposite effect, leading to significant price surges for the involved cryptocurrencies. As the cryptocurrency market continues to evolve, it’s essential to stay informed about the latest developments and announcements from major exchanges like Binance.

Source: Cryptopotato.com

#CryptoNews #Ethereum #CryptoExchange #Altcoin

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