Binance has announced the removal of key BTC margin trading pairs, raising questions about its potential effect on asset prices.
Band Protocol, Gitcoin, Highstreet, Perpetual Protocol, STP, and AVA are among the BTC margin trading pairs that Binance Margin will gradually eliminate.
This reduces the number of available pairings for users, which impacts both cross and isolated-margin trading options.
To prevent potential losses, the exchange has advised users to transfer affected assets from Margin Wallets to Spot Wallets and close positions.
However, despite the delisting news, the prices of coins such as Highstreet and Perpetual Protocol have increased by 6% to 12%.
Meanwhile, AVA, Gitcoin, BAND, and STP have experienced modest gains of 1% to 2%.
The varying investor sentiment across the afflicted assets is underscored by this mixed market response.
These Tokens Are Scheduled To Be Removed From Binance Platform
The upcoming adjustments to Binance’s margin trading offerings were disclosed to users on December 3.
Cross-margin trading or isolated-margin trading will be unavailable for numerous BTC trading combinations, such as Band Protocol, Gitcoin, and Highstreet.
BAND/BTC and GTC/BTC cross-margin pairs, as well as isolated margin pairs such as AVA/BTC, HIGH/BTC, PERP/BTC, and STPT/BTC, will be eliminated, according to the announcement.
The delisting procedure commences on December 4, 2024, with the cessation of isolated margin borrowing.
The complete removal, which will include the automatic closure of positions and the cancellation of pending orders, will take place at 06:00 UTC on December 11, 2024.
Binance, a prominent cryptocurrency exchange, recommends that users take a proactive approach by terminating positions and transferring funds to Spot Wallets before these deadlines.
The underlying assets will continue to be tradable on other available pairs within the platform while these pairs are being phased out.
The objective of these modifications is to optimize Binance’s product line and more closely correspond to market requirements.
Cryptocurrency Price Fluctuations In Context Of Delisting
The crypto market experienced a bullish trend in November, with an estimated $1 trillion added in a single month.
In spite of Binance’s delisting announcement, this increase in market momentum has had a beneficial effect on a number of the affected assets.
The price of Band Protocol (BAND) was $1.90, representing a 4% increase in the past 24 hours and a 22% increase over the past week.
The price of GTC has increased by 40% in the past week, reaching $1.20, and has increased by 100% over the past month.
In a single week, PERP experienced a 20% increase, rising by 7% to $1.03.
The price of Highstreet (HIGH) also experienced a robust performance, increasing by 12% to $2.04.
In the interim, the price of STPT was $0.05, representing a 40% increase from the previous month.
Despite the imminent delisting, the price of AVA increased by 8% to $0.72, as evidenced by the positive short-term outlook.
