Binance, the world’s leading cryptocurrency exchange in terms of trading volume, announced that many spot and margin trading pairs have been delisted, effective from the end of this month. The move comes as part of Binance’s regular review process to ensure a “high-quality trading market” for its users.
Binance delists some spot pairs
The four spot trading pairs will be removed from Binance at 06:00 UTC on May 24, 2024. These pairs include INJ/TUSD, MEME/TUSD, SNX/ETH and SYN/BTC. According to Binance, the reason for the delisting is “poor liquidity and trading volume.” This means that these assets are not actively traded on the platform, potentially causing difficulties for users trying to buy or sell them.
It is important to note that delisting a spot trading pair only affects the specific combination of two assets traded together. Users can continue to hold base tokens (INJ, MEME, SNX and SYN) on Binance and trade them using the different pairs currently available. Binance advises users who have used Binance’s Spot Trading Bots service on any of the delisted pairs to update or cancel their bots before the deadline to avoid potential losses.
There was also a delist announcement in margin transactions.
In addition to the removal of spot trading pairs, Binance Margin will also delist nine margin trading pairs at 09:00 UTC on May 31, 2024. Pairs removed from the list include:
- Cross Margin: MDX/BTC, SEI/TUSD, SUI/TUSD
- Isolated Margin: ALPACA/BTC, ARKM/TUSD, CHESS/BTC, MDX/BTC, SEI/TUSD, SUI/TUSD
For these pairs, Binance Margin will take a more comprehensive approach to the delisting process. Isolated margin borrowing for affected pairs will be suspended at 06:00 UTC on 24 May 2024. This means users will no longer be able to benefit from their positions in these pairs. At the specified time on May 31, Binance Margin will perform the following actions:
- It will close all user positions on delisted pairs.
- Automatic reconciliation will occur. This means that open positions will be closed at the current market price.
- Will cancel all pending orders in pairs
- It will completely remove duplicates from the Margin platform.
What should users do?
Similar to delisting spot trading pairs, users can trade individual assets in these pairs through other available margin trading pairs. Binance emphasizes that users will not be able to change their positions during the delisting process. To avoid potential losses, Binance strongly recommends users to:
- Close positions in delisted margin trading pairs before May 31.
- Transfer assets from Margin Wallets to Spot Wallets before the deadline.
The delisting of these trading pairs is likely to have a limited impact on the broader cryptocurrency market. However, users who hold these specific assets or use delisted margin pairs may experience difficulties. They will need to adjust their trading strategies and potentially find alternative ways to trade or leverage these assets.
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