Important: Binance Will Delist These 9 Cryptocurrencies on January 12th

The NFT Unicorn Binance-Delisting_CB Important: Binance Will Delist These 9 Cryptocurrencies on January 12th Crypto News

TL;DR

  • Binance, a major cryptocurrency exchange, announced the removal of nine spot trading pairs from its platform, citing routine reviews and the need to ensure a quality trading market.
  • Following the delisting announcement, some of the affected cryptocurrencies experienced a temporary decline in value, potentially influenced by broader market trends and regulatory news.
  • The exchange recently updated its cryptocurrency monitoring lists, adding certain assets for closer scrutiny and removing others from its list that focuses on early-stage coins.

The world’s largest cryptocurrency exchange by trading volume – Binance – announced the delisting of nine spot trading pairs, including LTC/UAH, FLOKI/TUSD, COS/BNB, COTI/BNB, MULTI/BTC, and others. 

The company said it conducts periodic reviews and may remove some trading pairs due to multiple factors to protect customers and “maintain a high-quality trading market.”

Terminating services with the affected cryptocurrencies will come into effect on January 12. Delisting from Binance could negatively affect involved assets as it might hamper their liquidity and cause potential reputational damage.

FLOKI, LTC, and COTI briefly headed south after the announcement, but their plunge could have also followed the overall market correction after the Chairman of the US SEC clarified that the agency has not approved the launch of a spot Bitcoin ETF.

Some tokens, such as those included in Binance’s upcoming delisting, recovered the losses in the following hours after the sector digested the information surrounding the SEC-ETF fiasco. 

This is not the first Binance amendment in 2024. A week ago, it added Monero (XMR), Zcash (ZEC), and eight additional cryptocurrencies to its Monitoring Tag list. 

Assets in that category are closely monitored by Binance and might be delisted if they do not comply with necessary criteria, such as network stability, trading volume, development activity, level of public communication, and others.

In addition, the exchange removed GMX (GMX) and SushiSwap (SUSHI) from its Seed Tag list. The section replaced the Binance Innovation Zone, which focused on coins at their initial stages of development. 

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Source: CryptoPotato