Binance, one of the world’s leading Bitcoin and altcoin exchanges, made two important announcements about its platform. The first is about delisting four cryptocurrencies from cross and isolated margin pairs. The second is about Binance Liquid Swap, which has opened six new liquidity pools for trading. Here are the details…
Binance is removing these altcoin projects from its margin service
cryptocoin.com As we have also reported, Binance, the largest cryptocurrency exchange by trading volume, has made new announcements. Starting April 10, 2023, Binance Margin will no longer allow users to borrow or lend Decred (DCR), Neblio (NEBL) and XVG in isolated margin pairs. Additionally, NEBL will no longer be present in the cross-margin pair. This means that users holding these assets in cross or isolated margin accounts must transfer the coins to their spot wallets before April 10, 2023 to avoid potential losses.
The delisting process will begin on March 28, 2023, with the suspension of trading on the NEBL/BUSD cross margin pair, as well as the isolated margin pair DCR/BTC, DCR/USDT, NEBL/BUSD and XVG/BUSD. On April 10, 2023, Binance will close users’ positions, perform an automatic payment, and cancel all pending orders on delisted assets. Any outstanding loans with these assets in the cross and isolated margin accounts will be sold and the pairs will delist from the cross and isolated margin accounts.
Binance advised users to closely monitor the Combined Maintenance Margin Ratio (Uni-MMR) to avoid any potential liquidation that could result from delisted assets being removed from their margin wallets. Portfolio margin users are advised to transfer their tokens to their spot wallets and complete their margin balance before April 10, 2023, if necessary.
Additions to Binance Liquid Swap
In response, Binance Liquid Swap announced that it has added six new liquidity pools to its platform. New pools include ARB/BTC, ARB/USDT, GMX/BTC, CFX/USDT, STX/USDT and GNS/USDT. However, the exchange also reminded users that adding funds to a liquidity pool carries certain risks and that the number of crypto assets redeemed may differ from the number added to the pool. Transaction fees may also be incurred when adding or using crypto assets.
Binance’s announcement that assets from the margin platform will be delisted has caused some concern among traders, as this move was seen as a sign of moving away from margin trading. However, the exchange assured its users that this is not the case and that it has only delisted a few assets due to low liquidity. Binance is a popular cryptocurrency trading platform with millions of users worldwide. The exchange offers a wide variety of trading options, including spot trading, margin trading, and futures trading.
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