Binance Removes These Crypto Trading Pairs, Sparking Price Dip Concerns

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Binance, the world’s biggest cryptocurrency exchange, announced on Wednesday its intention to remove certain trading pairs for both spot and margin markets. This decision may affect various digital currencies including Axelar (AXL), Coin98 (C98), Enjin Coin (ENJ), Bella Protocol (BEL), NULS, Lisk (LSK), Litentry (LIT), and SafePal (SFP). Consequently, the value of these specific cryptocurrencies has seen a decrease in their market price.

Binance Delisting AXL, C98, and ENJ Coin Spot Trading Pairs

Beginning January 10 at 03:00 UTC, Binance has announced their intention to stop offering some trading pairs for Axelar, Coin98, and Enjin Coin, effectively removing them from the platform.

After conducting their routine assessment of market activity, Binance decided to remove these pairings due to insufficient liquidity and low trading volume being key factors in this decision.

Despite the fact that the tokens involved in the removed trading pairs can still be traded alongside others on the platform, this decision has sparked worries among traders and investors. The deletion of trading pairs such as AXL/FDUSD, C98/BTC, and ENJ/ETH suggests a change in market conditions, necessitating users to reconsider their investment strategies.

Investors To See Liquidity Issues?

As a researcher, I’ve observed that the deletion of trading pairs on Binance may lead to decreased liquidity, thereby amplifying the volatility of the associated tokens. This is particularly significant during turbulent periods in the crypto market. Notably, Binance has announced the termination of Spot Trading Bot services for the affected pairs as well.

For those users who’ve created auto-trading systems for these pairs, it is recommended to either cancel or modify them to prevent possible losses. This warning underscores the broader effects of delisting on traders that heavily use automated trading tactics. The news about delisting led to a significant drop in the price of the impacted tokens, exacerbating the existing market turbulence.

Binance to Remove BEL, NULS, LSK, SFP, and LIT Margin Pairs

As an analyst, I’m sharing the news that Binance Margin has decided to remove several margin trading pairs from their platform. The following coins will be affected: Bella Protocol (BEL), NULS, Lisk (LSK), Litentry (LIT), and SafePal (SFP) in relation to Bitcoin (BTC). This action is set to take place on our exchange.

As an analyst, I’m outlining the sequence of events regarding the delisting process: Initially, transfers into Isolated Margin accounts will be restricted starting from now. The borrowing privilege in these accounts will be temporarily halted on January 9th. My recommendation to users is to either close their positions or move their assets to Spot Accounts before January 16th. On that date, all affected positions will be settled automatically, and any pending orders will be terminated without further action needed from the users.

The following cryptocurrency pairs, like LIT/BTC, NULS/BTC, and SFP/BTC, along with individual margin pairs such as BEL/BTC, LIT/BTC, LSK/BTC, NULS/BTC, and SFP/BTC, will be removed from the exchange. This top crypto platform has made it clear that during the delisting process, users will no longer have the ability to adjust their positions. Failing to take action in a timely manner may lead to potential losses.

In spite of these adjustments, the impacted assets can still be traded with other pairings. This tactic aligns with the exchange’s dedication to preserving top-tier trading markets and enhancing user interaction.

Price Impact Following Delisting Announcement

As of now, the value of Axelar’s AXL token was at approximately $0.65, but it dropped by 12% within the past 24 hours. The lowest price it reached during this period was around $0.64, while the highest was about $0.74. Currently, the total market value of all AXL tokens is roughly $583 million, and over the same timeframe, a trading volume of approximately $15.85 million worth of these tokens has been exchanged.

The value of the C98 token issued by Coin98 dropped by around 15% from its highest point which stood at $0.1884. At the moment, it is being exchanged at approximately $0.16. Its total market capitalization currently amounts to $142 million, and over the past 24 hours, a trading volume of roughly $29 million has been recorded for this token.

The price of Enjin Coin’s ENJ was currently at approximately $0.21, marking a 14% decrease over the past 24 hours. Its trading range in that period ranged from $0.2098 to $0.2495. The market value of ENJ tokens amounted to around $381 million, with a volume of trades totaling $32 million.

Additionally impacted coins were Litentry (LIT), Bella Protocol (BEL), and NULS, all facing a 13% drop. Lisk (LSK) suffered a 10% downturn, whereas SafePal (SFP) noted a 5% slide.

Moreover, Binance temporarily halted deposit operations for the Troy token on the BSC network over safety issues. This news led to a significant drop in Troy’s value by around 40%, further fueling pessimism in the broader market.

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2025-01-08 16:38