Leading crypto exchange Binance has done a review and decided to delist the Avalanche (AVAX), Polygon (MATIC), and Voxies (VOXEL) trading pairs.
Binance, a prominent cryptocurrency exchange, has decided to delist the Avalanche (AVAX), Polygon (MATIC), and Voxies (VOXEL) trading pairs following a routine periodic review. Trading pairings that fail to satisfy Binance’s liquidity and trading volume standards are promptly eliminated upon completing these evaluations. Binance stated that its objective with this initiative is to safeguard consumers and preserve a high-quality trading market.
Users of Binance are encouraged to take action
Consequently, the spot trading pairs AVAX/TUSD, MATIC/TUSD, and VOXEL/BTC will no longer be available on Binance. The delisting process will commence by 03:00 (UTC) on July 26, 2024.
Furthermore, the exchange intends to discontinue the spot trading automation services for AVAX/TUSD, MATIC/TUSD, and VOXEL/BTC. Before the service is interrupted, Binance users are anticipated to update or cancel their spot trading bot.
Failing to do so may lead to prospective losses. The exchange assured users that delisting these spot trading pairs would not affect their availability on Binance Spot. The market value of these tokens was significantly affected by the news. AVAX was trading at $30.36 at this time, representing a 0.63% decline in the previous 24 hours. MATIC is currently trading at $0.5375, following a 2.36% decline, while VOXEL is trading at $0.1513, following an 8.75% decline.
This most recent development occurred less than 24 hours after OKX disclosed its intention to eliminate specific Bitcoin (BTC), Ethereum (ETH), and XRP trading pairs from its platform.
LTC-ETH, MATIC-BTC, ADA-ETH, FIL-ETH, LINK-ETH, NEO-BTC, OKT-ETH, OKT-BTC, XRP-ETH, SHIB-BTC, DOGE-ETH, AAVE-BTC, XLM-BTC, CRO-BTC, XRP-BTC, and other cryptocurrencies are all being removed from the OKX platform. OKX intended for the exit of these tokens to be a gradual process due to the size of the trading pairings.
OKX plans to finalize the delisting procedure between July 25 and August 2.
The objective of the Binance delisting mechanism is to safeguard users
Binance was previously recognized for its frequent delistings of nonfunctional trading pairings. The MDX/USDT spot trading pair was discontinued on the exchange’s platform on July 22. The MDX price experienced a significant increase, which prompted inquiries among crypto enthusiasts rather than a transition to negative news about the token. Last month, Binance notified its users of its intention to delist the following trading pairs: ALPACA/BTC, MDX/BTC, NFP/TUSD, QUICK/BTC, and XAI/BNB.
The crypto trading colossus also delisted OMG Network (OMG), NEM (XEM), and Wrapped NXM (WNXM) from its spot and margin outlets in June. Binance clarified that these cryptocurrencies periodically failed to satisfy industry standards and requirements. Users are permitted to withdraw their tokens from the platform until September 17. Subsequently, the exchange will discontinue its support for them on Binance’s spot and margin channels.
The exchange’s delisting mechanism is primarily motivated by its dedication to market stability and risk reduction. Binance is confident that the platform’s security and integrity are enhanced by the meticulous management of tradable assets, which is anticipated to establish a secure user environment.
