Binance to Delist Crypto AI Spot Trading Pairs, Here’s Reason

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As an experienced analyst, I believe that Binance’s decision to delist the Ocean Protocol (OCEAN) and SingularityNET (AGIX) spot trading pairs is a strategic move aimed at streamlining its operations and supporting the upcoming token merge between OCEAN, AGIX, and Fetch.ai (FET). This merge will result in the creation of the Artificial Superintelligence Alliance, which may potentially lead to increased market liquidity and trading volumes.

One version could be: “Among the top global cryptocurrency trading platforms, Binance has made an announcement. They will no longer support trading pairs involving the AI tokens Ocean Protocol (OCEAN) and SingularityNET (AGIX), specifically for spot trading in AI crypto markets.”

Based on a recent statement from Binance, trading in the spot markets for Ocean Protocol (OCEAN) and SingularityNET (AGIX) will no longer be available as of July 1, 2024, 3:00 a.m. UTC. Additionally, deposits and withdrawals for these cryptocurrencies will be discontinued starting July 1, 2024, 3:30 a.m. UTC.

Starting from the specified date, Binance will no longer support Trading Bots for the mentioned spot trading pairs.

Binance announced that it will support the Ocean Protocol (OCEAN) and SingularityNET (AGIX) token merge to Fetchai (FET) using the new project name Artificial Superintelligence Alliance. Binance will delist and cease trading on all spot trading pairs for OCEAN and AGIX.…— Wu Blockchain (@WuBlockchain) June 20, 2024

Binance has announced its backing for the merger of Ocean Protocol (OCEAN) and SingularityNET (AGIX) tokens into Fetch.ai (FET), which will now be known as the Artificial Superintelligence Alliance.

As an analyst, I would rephrase that statement as follows: The following trading pairs will be eliminated from our platform: AGIX/BTC, AGIX/FDUSD, AGIX/TRY, AGIX/USDT, OCEAN/BNB, OCEAN/BTC, OCEAN/TRY, and OCEAN/USDT.

As a researcher investigating the trading practices on Binance, I’ve come across an important piece of information. The platform indicated that all open trade orders will be automatically cancelled once trading has ended for each specific trading pair.

On June 25, 2024, at 9:00 a.m. (UTC), Binance Futures will conclude all open positions and perform an automated settlement for the OCEANUSDT and AGIXUSDT USDⓈ-M Perpetual Contracts. Following this process, these contracts will be taken off the platform.

Delisting details

As a Binance Margin analyst, I would communicate this announcement as follows:

Starting from July 1, 2024 at 3:00 a.m. (UTC), Binance will cease to acknowledge OCEAN and AGIX as valid cryptocurrencies for transactions using Binance Pay. By July 28, the platform will no longer facilitate the generation of new OCEAN or AGIX gift cards.

Starting from June 18, 3:00 a.m. (UTC), Binance Auto-Invest will no longer support the trading of OCEAN and AGIX. On the other hand, Buy & Sell Crypto will officially delist these cryptocurrencies and all related trading pairs, effective from June 20, 3:00 a.m. (UTC).

At 9:00 a.m. UTC on June 25, Binance’s Arbitrage Bot for the OCEANUSDT and AGIXUSDT symbols will wind up all ongoing arbitrage transactions and execute automatic settlements.

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2024-06-20 18:00