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Binance to Delist These Bitcoin (BTC) Pairs, Here’s Everything
Binance, one of the world’s leading brokers cryptocurrency exchangesannounced its intention to delist specific margin trading pairs involving Bitcoin (BTC). This move, scheduled for July 8, 2024, affects both cross- and standalone margin trading pairs. Other affected cryptocurrencies include DigiByte (DGB), Alien Worlds (TLM), and Voxies (VOXEL).
Details on Binance’s latest delisting
Additionally, this deletion specifically concerns DGB/BTC and TLM/BTC in both categories with Bitcoin as the quote currency. Meanwhile, the VOXEL/BTC pair will be removed from the isolated margin category. In a notice sent to its users, Binance specified that at 06:00 UTC on Sunday, July 7, 2024, the platform will suspend isolated margin lending on these isolated margin pairs.
Furthermore, following this, at 06:00 (UTC) on July 8, 2024, Binance Margin will automatically close users’ positions. It will then execute settlements and cancel all pending orders on the affected trading pairs. Once this process is completed, these pairs will be permanently removed from margin trading on the platform.
The crucial aspect of this announcement is the role of Bitcoin as the quote currency in these pairs. In the trading world, the base currency is the first currency listed in a pair, and is the commodity that is being bought or sold. The quote currency, in this case Bitcoin, is the currency that the base currency is quoted in. So, this means that users were trading DGB, TLM, and VOXEL, with Bitcoin as the measure of value.
This delisting decision impacts traders who prefer Bitcoin as the standard for their trades. It represents a significant adjustment for those who use Bitcoin’s relatively stable value as a benchmark against other, more volatile cryptocurrencies. By delisting these pairs, Binance potentially reduces the flexibility for users to trade lesser-known tokens for Bitcoin.
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Exchange Tips for Users to Avoid Potential Losses
Additionally, Binance advised its users to take the necessary measures before the delisting process begins. The platform recommended users to close their positions and transfer their assets from Margin Wallets to Spot Wallets before the cessation of margin trading at 06:00 pm UTC on July 8, 2024. Binance also stressed that it would not be liable for any potential losses incurred due to these changes, urging users to act promptly.
Despite the deletion, Binance assured users that the affected assets, DGB, TLM, and VOXEL, could still be traded on other available pairs within Binance Margin platform. This means that while direct trading pairs with Bitcoin are being removed, there are still alternative ways to trade these assets.
This move is part of Binance’s ongoing efforts to optimize its trading platform, ensuring a smooth and efficient trading experience. The exchange continuously reviews its product offerings to align them with market demands and regulatory requirements. It also aims to provide the best possible service to its users around the world. Therefore, it regularly announces the removal of pairs that lack liquidity, market interest, and other factors.
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