Binance Removes BTC Pairs, Sparking Price Concerns

Binance announced plans to soon remove certain BTC-pegged Cross and Isolated margin trading pairs.

Binance, the crypto exchange behemoth, caused a stir in the broader market on Wednesday by announcing its intention to eliminate specific BTC trading pairs from its platform.

The crypto exchange has disclosed that it is delisting specific BTC pairs for the crypto tokens C98, IDEX, FIS, MBOX, REN, and TKO.

This revelation is noteworthy. Market participants are still bearish in the aftermath of this delisting announcement, as the prices of the aforementioned cryptocurrencies have declined by 1%-4%.

The crypto exchange Binance disclosed in an official announcement on November 20 that it will shortly eliminate specific Cross & Isolated margin pairs.

As per the announcement, the exchange will delist the Cross margin pairs C98/BTC and IDEX/BTC at 06:00 UTC on November 27.

In addition, the isolated margin pairs C98/BTC, FIS/BTC, IDEX/BTC, MBOX/BTC, REN/BTC, and TKO/BTC are to be delisted on the same date and period.

These removals have subsequently raised concerns regarding potential price declines for the assets, as one of the most prominent crypto exchanges has reduced its trade offerings for them.

Intriguingly, Binance has also stated that “users will no longer be able to transfer any amount of assets from the aforementioned pairs into their Isolated Margin accounts via manual transfers or ‘Auto-Transfer Mode’ effective immediately.”

Additionally, the exchange will discontinue isolated margin borrowing on the aforementioned pairings at 06:00 UTC on November 21.

Furthermore, the exchange will initiate the automatic settlement process and close all user positions, as well as cancel all pending orders on these pairings, at 06:00 UTC on November 27.

Nevertheless, it is important to note that the asset is still available for trading on the exchange’s immediate trading platform.

In general, the delisting announcement has induced an adverse market sentiment in the broader space, as evidenced by the intraday price action of the aforementioned coins.

At the time of this report, the price of C98 has decreased by 2% intraday and is currently at $0.1459. The 24-hour low and high of the coin were $0.142 and $0.1518, respectively.

It is important to note that the declining action occurred in the wake of the aforementioned delisting announcement.

Additionally, the price of IDEX decreased by approximately 1% in the past day, reaching $0.04033. Its intraday low and peak were $0.03915 and $0.04354, respectively.

Concurrently, the price of FIS has decreased by 2% in the past day and is currently trading at $0.3464. The 24-hour low and high of the coin were $0.332 and $0.3645, respectively.

The intraday price of MBOX has risen by 4% and is currently at $0.1875. The 24-hour low and high of the coin were $0.1814 and $0.1949, respectively.

In the aftermath of the aforementioned announcement, the price of REN also experienced an adverse movement, declining by 6% to $0.0449. Its intraday low and high were $0.03936 and $0.04322, respectively.

Finally, the price of TKO has decreased by 1% in the past day and is currently trading at $0.315. The intraday low and high were $0.3054 and $0.3247, individually.

It is important to note that the coins may experience additional declines in response to the exchange’s discontinuation of support, as it provides traders and investors with less flexibility.

CoinGape Media concurrently reported that Binance delisted four additional tokens last month, which prompted comparable apprehensions regarding declining prices.