What Altcoin Traders Need to Know

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Check out the latest and most important amendments enforced by Binance.

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Summarize with AI

Summarize with AI

The world’s leading crypto exchange will remove numerous spot trading pairs, potentially affecting the actions of many altcoin investors.

The company announced other key developments, including the relaunch of an important service that affects Australian users.

Scrapping These Pairs

Binance has a habit of delisting pairs that no longer meet the required criteria, such as solid liquidity and trading volume. Based on its most recent analysis, it announced that 1MBABYDOGE/FDUSD, ADX/ETH, AGLD/BTC, ATOM/ETH, BTC/ZAR, ETH/ZAR, ORDI/BTC, TRB/BTC, and 15 other pairs will be removed from the platform.

The effort is scheduled for January 20, and the exchange noted that it will not affect the availability of the tokens on Bonance Spot. “Users can still trade the spot trading pair’s base and quote assets on other trading pair(s) that are available on Binance,” the official disclosure reads.

The majority of the cryptocurrencies included in the process have posted substantial declines after the news, which is a rather normal reaction. After all, Binance is the undisputed leader in its field, and withdrawing support decreases liquidity and visibility for the affected tokens, while hurting their reputations. ORDI (ORDI) seems to be the worst-affected, with its valuation falling by approximately 12%.

ORDI Price, Source: CoinGecko

Of course, the broader crypto market’s decline could also have played a negative role. Bitcoin (BTC) temporarily slipped to $92,000, while many altcoins witnessed double-digit price losses amid escalating tensions between US President Donald Trump and the European Union over the Greenland saga.

Additional Updates

In mid-2023, Binance Australia notified its users that fiat withdrawals to local bank accounts via the PayID system would be suspended. It revealed that the decision was made by a third-party payment provider.

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Earlier today (January 19), though, the company re-launched AUD deposits and withdrawals. To celebrate the move, Binance Australia introduced the PayID Meme Challenge, as the five winners will be picked on January 23.

Meanwhile, Binance said it will open trading for BTC/U and LTC/USD1 on January 20. It will also enable trading bots services for the same pairs on that date.

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Source: https://cryptopotato.com/binance-to-delist-23-trading-pairs-on-januar-20-what-altcoin-traders-need-to-know/