Binance Announces Delisting of Trading Pairs
In a recent update from Binance, one of the leading cryptocurrency exchanges, the company has announced its intention to delist six spot trading pairs effective October 17 at 3:00 a.m. UTC. The pairs set for removal include:
- ANKR/BTC
- BOME/EUR
- DATA/BTC
- HOME/BNB
- SHELL/BNB
- SPK/BNB
Reasons for this action vary, with Binance citing low liquidity and inadequate trading volumes as potential factors contributing to the decision. Notably, the tokens associated with these pairs will still remain accessible on the platform, but the exchange will also disable Trading Bots services linked to these pairs on the specified date.
Market Context and Recovery Initiative
In a broader context, this announcement follows a recent market downturn that saw the cryptocurrency sector lose significant value, with a $19 billion liquidation occurring during the turmoil. In response, Binance has unveiled a substantial recovery initiative dubbed the “Together Initiative,” which is geared towards supporting users affected by the crash.
This initiative allocates $400 million, structured in two tiers:
- $300 million is designated for compensation through USDC to users impacted by forced liquidations in Futures and Margin trading between October 10 and October 11. Users must meet criteria including a minimum total liquidation loss of $50, representing at least a 30% loss ratio of their net assets based on a snapshot taken as of October 9 at 11:59 p.m. UTC.
- Additionally, Binance is launching a $100 million low-interest loan fund aimed at assisting both ecosystem and institutional users who suffered considerable losses, facilitating their ability to re-engage with trading activities.
