Important Binance Announcement Concerning These Trending Meme Coins: Details

TL;DR

• Binance is adding new trading pairs and services to expand user options, with some restrictions for the residents of specific countries.
• The latest announcement has not led to substantial price increases for the involved cryptocurrencies, as the entire market remains covered in red.

More Trading Options for Eligible Users

The world’s largest crypto exchange keeps expanding the list of trading choices on its platform to enhance users’ experience and respond to ongoing market trends. It will add DOGS/BRL, DOGS/USDC, RARE/BRL and RARE/USDC on Binance Spot later today (August 28).

Moreover, the company will allow trading bot services for the following pairs: DOGS/BRL, DOGS/USDC, BONK/TRY, PEPE/TRY, 1000SATS/TRY, ETH/EUR, SOL/EUR, USDC/USDT, RARE/BRL and RARE/USDC.

Binance assured that users will enjoy discounted fees on all recently added and existing USDC spot and margin trading pairs “until further notice.”

The upcoming options, though, will not be available to clients residing in various countries such as the USA, Canada, Cuba, Iran, the Netherlands, North Korea, Syria, and any non-government-controlled areas of Ukraine.

“Please note that the list of restricted countries provided below may be changed from time to time, due to mandatory changes in applicable laws and regulations, or other changes relevant to the trading eligibility of these new trading pair(s). Users need to complete account verification to participate in the trading of these new trading pair(s),” the exchange explained.

Binance and Meme Coins

The exchange has embraced numerous meme coins in the past few years, and its actions (especially in the event of an official listing) have often resulted in major rallies for the involved assets. 

This is because Binance’s support generally leads to improved liquidity, heightened visibility, and enhanced credibility, which could fuel additional investor interest.

Bonk Inu (BONK), for example, hit an all-time high price in December last year after the firm opened the following spot trading pairs: BONK/USDT, BONK/FDUSD, and BONK/TRY.

The latest Binance announcement, though, has not been that beneficial for the involved coins. While DOGS has charted some gains in the past 24 hours, PEPE and BONK remain in red territory. Their price drop coincides with a broader decline in the entire cryptocurrency market.

As CryptoPotato reported, Bitcoin (BTC) tumbled to as low as $58,000, whereas Ethereum (ETH) fell below $2,500. The pullback negatively affected nearly 90,000 over-leveraged traders, triggering more than $320 million in liquidations.

The meme coin sector has also underperformed, with Dogecoin (DOGE), Shiba Inu (SHIB), and many more heading south.