Key Takeaways
- Binance reviewed its spot trading pairs and delisted some altcoin pairs due to low trading volume and liquidity.
- This includes trading pairs involving XRP and Dogecoin (DOGE) paired with the rupiah-pegged stablecoin BinanceIDR (BIDR).
- Claims about Binance removing all stablecoins in Europe due to MiCA were clarified by CZ Zhao as being taken out of context.
In order to provide a flexible environment for spot trading, cryptocurrency exchange Binance revealed that it has delisted a significant number of altcoin trading pairs.
Binance periodically assesses all listed spot trading pairs as part of its ongoing efforts to guarantee user safety and maintain a strong trading ecosystem.
The Delisted Pairs
As a result, specific pairs might be removed from the market because of things like poor trading volume and liquidity.
It was an interesting decision to remove two special trading pairs utilizing XRP and Dogecoin (DOGE). These combinations featured the rupiah-pegged stablecoin BinanceIDR (BIDR).
Therefore, based on Binance’s most recent reviews, the exchange decided to remove and cease trading on the following spot trading pairs:
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At 2023-09-29 05:00 (UTC): ALICE/BUSD, AVA/BUSD, BICO/BUSD, CLV/BUSD, DEGO/BUSD, GLM/BUSD, KSM/BUSD, WAXP/BUSD
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At 2023-09-29 07:00 (UTC): XTZ/BUSD, BNB/BIDR, DOGE/BIDR, SOL/BIDR, TKO/BIDR, XRP/BIDR
BIDR is a stablecoin created in partnership with Tokocrypto, an Indonesian exchange that Binance bought in late 2022. Trading pairings involving Binance’s own tokens and tokens with regulatory issues, including Cardano (ADA) and Solana (SOL), saw an impact, nevertheless, as Binance focuses on optimising its offerings.
The removal of a spot trading pair doesn’t affect the availability of tokens on Binance Spot. Users can still trade the base and quote assets of the spot trading pair on other trading pairs available on the Binance platform.
Additionally, on September 29, 2023, at 08:00 and 10:00, Binance will stop providing Spot Trading Bots services for the designated spot trading pairs.
To minimise potential losses, users are strongly encouraged to make any necessary adjustments or cancellations to their Spot Trading Bots before the service is discontinued.
Binance Says ‘Yes’ to Bitcoin But ‘No’ to Other Stablecoins?
Binance has announced that it may remove all stablecoins for the European market from the cryptocurrency exchange by June 2024. This action is in compliance with the Markets in Crypto Assets (MiCA) legislation, which aims to bring the cryptocurrency exchange into conformity with regulatory requirements.
In an online public hearing organised by the EBA (European Banking Authority), Marina Parthuisot, legal manager of Binance France, stated the following:
“We are heading to a delisting of all stablecoins in Europe on June 30. This could have a significant impact on the market in Europe compared to the rest of the world.”
However, Changpeng CZ Zhao, the CEO of Binance, immediately , casting doubt on the narrative:
Basically, CZ made a statement about the news that began with the number “4”, his go-to abbreviation for accusations of attacks and false information. Additionally, CZ wanted to inform the cryptocurrency world that Binance is introducing other stablecoins, including EUR, with a few partners in a fully legal manner.
Prior Adjustments Made in Compliance With European Law
It’s not implausible to think that Binance would delist all stablecoins from the European market in order to comply with MiCA.
Actually, the well-known cryptocurrency exchange had to make changes prior in order to precisely comply with the European crypto regulation. Like the fact that it withdrew its application for a licence as a cryptocurrency custody operator in Germany in July 2023.
This shift in thinking followed Binance purportedly doing a U-turn in the markets of Cyprus, Austria, Belgium, the Netherlands, and four other countries.
The motivation behind all these situations stemmed from the aspiration to align with something more substantial, which is MiCA.
Additionally, continuing with Binance and stablecoin, it appears that at the end of August, the cryptocurrency exchange decided to stop supporting BUSD as of January 2024. However, in this instance, compliance with MiCA is not the driving force.
However, for the first time since the Financial Services and Markets Authority (FSMA) ordered it to suspend operations in June, residents of Belgium will be able to register to use the platform, according to a statement released by Binance on Monday, September 25.
Teuta is a seasoned writer and editor with more than 15 years of experience. She has expertise in covering macroeconomics and technology as well as the cryptocurrency and blockchain industries. She has worked for several publications as a journalist and editor, including Forbes, Bloomberg, CoinTelegraph, Coin Rivet, CoinSpeaker, VRWorld and Arcane Bear.
Teuta began her professional career in 2005, working as a lifestyle writer at Cosmopolitan in Croatia. From there, she branched out to several other publications, covering mainly business and the economy. She then turned her attention to the world of cryptocurrency and blockchain, believing that crypto is among the most important inventions in the history of humanity. Her involvement in fintech began in 2014 and she has since lent her expertise in writing, editing and gathering information about the world of crypto, blockchain, NFTs and Web3.
An all-round news hound, mentor, editor, and writer, Teuta enjoys teamwork and good communication. She holds a WSET2 diploma and has a thing for chablis, punkrock music and shoes. She also holds a double MA in Political science and Entrepreneurship.
