Binance, one of the world’s leading cryptocurrency exchanges, announced that it will remove some spot trading pairs to ensure the protection of individuals and the integrity of the trading market. In addition, Binance also announced that it will not support the network increase in the altcoin named Kadena (KDA). Here are the details…
Binance is halting trading for those altcoins
While the cryptocurrency market has been on a volatile course lately, two important news from Binance resonated in the market. Binance announced that it will remove some spot trading pairs in order to protect users and ensure the integrity of the trading market. On the other hand, the world’s largest cryptocurrency exchange announced that it will also support the network upgrade in the altcoin called KDA. Binance will cease trading of the following spot trading pairs starting at 06:00 on March 8, 2024:
- AERGO/BTC
- ALGO/BNB
- CTSI/BNB
- FARM/BTC
- FUN/ETH
- XLM/BNB
Delisting these spot trading pairs will not affect the availability of the corresponding tokens on Binance Spot. Users can continue to buy and sell the base assets of these pairs on other trading pairs available on the exchange. Binance will simultaneously discontinue Spot Trading Bots services for the above mentioned FX spot trading pairs. Users utilizing these services are strongly advised not to update or cancel their Spot Trading Bots before the recovery is stopped to reduce their possible losses.
Network upgrade support for Kadena
As of March 7, 2024 at 02:00 UTC, Binance will deposit and withdraw tokens on Kadena’s network in order to achieve the best user experience and support the Kadena (KDA) network upgrade. The network increase will occur at approximately 00:00 UTC on March 7, 2024. Trading of tokens on the Kadena network will not be affected. Deposits and withdrawals will be reopened once the network is deemed stable. No further announcements will be made.
Effects of the announcement: What happened or will happen?
Binance’s removal of pairs from spot transactions can be interpreted as a blow for tokens with low liquidity and trading volume. These tokens may become less liquid after not being traded on Binance, which may cause their prices to change. Binance’s support for KDA network growth is considered a positive development for the KDA token. Following the increase in the network, the breakage and scalability of KDA may increase, causing the token to rise in price.
Binance’s removal of pairs from spot transactions and support for KDA network expansion are considered important developments in cryptocurrencies. How these developments will affect the market changes over time.
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