Cryptocurrency exchange giant Binance created a ripple in the crypto market on Wednesday when it announced plans to remove certain BTC trading pairs from its platform. According to this announcement, Binance announced that it will be delisting certain BTC pairs for the C98, IDEX, FIS, MBOX, REN, and TKO cryptocurrencies. Following this news, the prices of the coins in question dropped by 1%-4%, creating a pessimistic atmosphere in the markets.
Binance is removing certain Bitcoin pairs
In an official statement dated November 20, Binance stated that the exchange will soon remove certain cross and isolated margin pairs. According to the statement, Binance will remove the C98/BTC and IDEX/BTC cross margin pairs at 09:00 (UTC+2) on November 27. In addition, the C98/BTC, FIS/BTC, IDEX/BTC, MBOX/BTC, REN/BTC, and TKO/BTC isolated margin pairs will also be removed from the platform on the same date and time. This move has raised concerns that the prices of these tokens could fall further as a leading exchange has reduced trading options for these assets.
Notably, Binance has announced that users will no longer be able to transfer any assets to these pairs via manual transfers or “Auto Transfer Mode.” Furthermore, on November 21 at 09:00 UTC, the exchange will also end isolated margin lending on these pairs. On November 27 at 09:00 UTC, the exchange will initiate an automatic liquidation process by closing all of the users’ positions and cancel all pending orders on these pairs. However, users will be able to continue trading these assets on Binance’s spot trading platform. This delisting announcement has created a generally pessimistic atmosphere in the market and has had a negative impact as seen in the daily price movements of these coins.
How has the price of these coins been affected?
At the time of writing, the price of C98 is trading at $0.1459, down 2% on a daily basis. The coin’s lowest and highest prices in the last 24 hours were recorded at $0.142 and $0.1518, respectively. This downtrend comes after the aforementioned delisting announcement. Similarly, IDEX price dropped by 1% in the last 24 hours to $0.04033. The token’s daily low and high were $0.03915 and $0.04354, respectively. FIS price, on the other hand, is trading at $0.3464, down by 2% in the last 24 hours. The coin’s lowest and highest prices in the last 24 hours were $0.332 and $0.3645.
MBOX price dropped by 4% on a daily basis to $0.1875. The coin’s lowest and highest prices in the last 24 hours were recorded at $0.1814 and $0.1949, respectively. The REN price also fell, losing 6% to $0.04049. REN’s daily low and high prices were $0.03936 and $0.04322, respectively. Finally, the TKO price is trading at $0.315, down 1% on the day. The coin’s daily low and high were $0.3054 and $0.3247, respectively.
In particular, it is stated that these coins may face further downward movement with Binance withdrawing its support. The removal of support has a negative impact on the market by offering less flexibility for traders and investors. Similarly, reports have suggested that Binance delisted four other tokens last month, which similarly led to concerns about price drops.
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