Important Announcement Concerning These 4 Trading Pairs on Binance: Details

TL;DR

• The exchange will delist four trading pairs on September 13, but the underlying tokens will remain available on Binance Spot.
• The company recently increased collateral ratios for some cryptocurrencies and completed routine maintenance on the BNB Smart Chain.

The Upcoming Update

The world’s largest crypto exchange conducts periodic reviews on all listed trading pairs on its platform, removing those showing poor liquidity and trading volume. Based on its latest research, it decided to delist BAND/TRY, LSK/ETH, NTRN/BTC, and PROM/BTC.

The effort is scheduled to come into effect on September 13. “Users are strongly advised to update and/or cancel their Spot Trading Bots prior to the cessation of Spot Trading Bots services to avoid any potential losses,” Binance warned.

The company revealed that ceasing support for the aforementioned pairs does not affect the availability of the tokens on Binance Spot since “users can still trade the spot trading pair’s base and quote assets on other trading pair(s) that are available on Binance.”

Reduced support on such a major trading venue could negatively impact the price of the involved cryptocurrencies due to decreased availability, a decline of confidence, and fear of broader delisting. BAND, LSK, NTRN, and PROM are all in the red on a 24-hour scale, recording mild decreases. 

It is worth noting that their underperformance coincides with an overall slump in the crypto industry, whose global market cap dropped by 2% daily and is currently set at around $2.08 trillion (per CoinGecko’s data).

Binance’s Previous Amendments

Besides adding new trading pairs and removing existing ones, the company also regularly makes other improvements. Earlier this month, it increased the collateral ratio for several cryptocurrencies, such as some trending meme coins like Floki Inu (FLOKI) and Dogs (DOGS).

The update took approximately one hour, after which FLOKI’s ratio was raised to 40% from the previous 35%. DOGS witnessed an even more substantial hike: from 10% to 30%. 

The collateral ratio shows the amount of assets required to secure a loan or maintain an open position. It is usually displayed as a percentage, reflecting the value of the collateral compared to the borrowed amount. A higher ratio provides greater assurance that the lender can recover their funds, even in the event of a market decline.

Shortly after, Binance conducted wallet maintenance for BNB Smart Chain (BEP20). It temporarily suspended deposits and withdrawals on the network, resuming services after completing the effort. 

“The trading of token(s) on the aforementioned network will not be impacted. Binance will handle all technical requirements involved for all users,“ the exchange assured at the time.