Crypto Exchange Binance has been on a delisting streak recently. The exchange has officially delisted several prominent spot trading crypto pairs from its portfolio.
Binance Delists Major Crypto Spot Pairs
Binance, one of the world’s largest crypto exchanges, has officially announced plans to delist 10 GBP spot pairs from its trading portfolio. The exchange will be removing major cryptocurrencies like Solana (SOL), Bitcoin (BTC), Ethereum (ETH), Chainlink (LINK), Polygon (MATIC), Dogecoin (DOGE), Ripple (XRP), Binance Coin (BNB), and Litecoin (LTC).
Binance made the announcement on December 22. The exchange has scheduled the delisting to begin on December 29, 2023 and will officially cease trading these pairs from the said date. Users will be unable to access or trade any of the GBP spot pairs mentioned above.
Additionally, Binance has stated that the reason for the delisting is to safeguard its users and maintain a secure and high-quality trading environment for crypto investors.
Total crypto market cap at $1.62 trillion on the daily chart: TradingView.com
“To protect users and maintain a high-quality trading market, Binance conducts periodic reviews of all listed spot trading pairs, and may delist selected spot trading pairs due to multiple factors, Binance stated.
“Based on our most recent reviews, Binance will remove and cease trading on the following spot trading pairs: At 2023-12-29 03:00 (UTC): ADA/GBP, BNB/GBP, BTC/GBP, DOGE/GBP, ETH/GBP, GBP/USDT, LINK/GBP, LTC/GBP, MATIC/GBP, SOL/GBP, XRP/GBP.”
Binance Aggressive Clean-Up
It also recently announced the imminent removal of 30 spot crypto trading pairs. According to Binance, the coins will be delisted on December 27.
These multiple delisting procedures come as Binance experiences multiple regulatory and legal challenges.
The former CEO of Binance, Changpeng Zhao has been facing legal action after pleading guilty to money laundering requirements as part of the United States Department of Justice settlement.
Binance was previously charged with money laundering violations earlier this year and has been working towards rebuilding its reputation and company to comply with the regulatory and legal demands and standards of the US government.
Although Binance will be proceeding with its delisting plans, the exchange has made it clear that the removal of the pairs would not affect other transaction pairs or transactions occurring in the exchange as a whole.
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