Binance continues to actively clear out some spot trading pairs from their platform, with Filecoin and Optimism becoming the latest to be delisted.
Binance, the foremost cryptocurrency exchange, has eliminated a handful of trading pairs from its platform as part of its routine review. The decision will impact the Filecoin and Optimism spot trading pairs.
The exchange will delist in particular ACE/FDUSD, FIL/BNB, OP/BNB, and TRB/FDUSD. On Friday, October 4, 2024, at 03:00 (UTC), Binance will discontinue spot trading for them by the established schedule.
Cost of FIL and OP Binance’s delisting update has had an impact
Binance clarified in the platform update that delisting these tokens is consistent with its objectives to safeguard users. Additionally, the organization underscored its dedication to the preservation of trading markets of exceptional quality. These tokens may not have met Binance’s liquidity, trading volume, and stability standards.
The crypto firm stated that the move does not affect the availability of Binance Spot’s assets. Consequently, users are still able to trade the base and quote assets of the spot above trading pairs on other trading pairs on the platform. The delisting action will be implemented concurrently with the termination of Spot Trading Bots services for all spot trading pairs.
Users must update or cancel their Spot Trading Bots for the trading pairs to prevent potential losses before the termination. The spot trading pairs’ underlying cryptocurrencies have experienced a slight reaction in response to the news of the delisting action. FIL was trading at $3.66 at the time of this writing, which represents a 6.66% decrease in price over the past 24 hours.
Optimism has decreased by 9.49% within the same time frame, currently trading at $1.69. FIL trading volume is currently experiencing a positive sentiment, which is a surprising development in the narrative. FIL’s trading volume of $192 million, which has increased by 34.74% in the past 24 hours, indicates that investors continue to be interested in the token. The same scenario applies to OP, which has a trading volume of $228.8 million following a 48.87% increase.
AVAX/TUSD, MATIC/TUSD, and VOXEL/BTC spot trading pairs and bots were removed from the Binance platform at the start of the second half of 2024. ALPACA/BTC, MDX/BTC, NFP/TUSD, QUICK/BTC, and XAI/BNB were removed from the trading website a few weeks prior.
OKX Conducts a Week-Long Delisting Exercise
It is essential to mention that in the past, other exchanges have implemented delisting actions that were even more extensive, sometimes in batches over a few days. It is worth noting that in July, OKX, a cryptocurrency exchange, declined to maintain specific trading pairs for Bitcoin (BTC), Ethereum (ETH), and XRP.
The delisting process was intended to be gradual, taking place at various times over the course of approximately one week. In August, OKX also disclosed its intention to discontinue the FITFI/USDT, TAMA/USDT, and WNCG/USDT programs, among others. Most delisting or listing exercises this exchange conducts are governed by its Rules on Hiding TOKENs and Offline Trading Pairs.
OKX receives feedback and complaints from its users. The process determines whether these trading pairs have contravened its established offline rules or pose significant risks. After the establishment of a concern, a delisting action is implemented. Ultimately, the objective is to establish a thriving digital asset environment in the blockchain industry while enhancing the trading pairs’ liquidity and offering users a positive trading experience.
