This latest development comes barely 24 hours after OKX announced plans to remove some Bitcoin (BTC), Ethereum (ETH), and XRP trading pairs from its platform.
After routine periodic review, leading cryptocurrency exchange Binance has decided to delist Avalanche (AVAX), Polygon (MATIC), and Voxies (VOXEL) trading pairs. Upon completing these reviews, trading pairs that do not meet Binance standards, in terms of liquidity and trading volume, are immediately removed. Binance noted that it aims to protect users and maintain a high quality trading market with this move.
Binance Users to Take Action
As such, AVAX/TUSD, MATIC/TUSD, and VOXEL/BTC spot trading pairs will no longer feature on Binance. The delisting process will commence on July 26, 2024, by 03:00 (UTC).
In addition, the exchange plans to terminate spot trading bot services for AVAX/TUSD, MATIC/TUSD, and VOXEL/BTC. Binance users are expected to either update or cancel their spot trading bot before the service is interrupted.
Failure to do so may result in potential losses. The exchange assured users that the delisting of these spot trading pairs will have no impact on their availability on Binance Spot. The news notably impacted the market value of these tokens. At the time of this writing, AVAX traded at $30.36 with a 0.63% decrease in the last 24 hours. MATIC is trading at $0.5375 after losing 2.36% and VOXEL at $0.1513 with a 8.75% dip.
This latest development comes barely 24 hours after OKX announced plans to remove some Bitcoin (BTC), Ethereum (ETH), and XRP trading pairs from its platform.
LTC-ETH, MATIC-BTC, ADA-ETH, FIL-ETH, LINK-ETH, NEO-BTC, OKT-ETH, OKT-BTC, XRP-ETH, SHIB-BTC, DOGE-ETH, AAVE-BTC, XLM-BTC, CRO-BTC, XRP-BTC, and more are all going off the OKX platform. Owing to the size of the trading pairs, OKX planned the exit of these tokens to follow a gradual process.
Within July 25 and August 2, OKX intends to complete the delisting process.
Binance Delisting Mechanism Aims to Protect Users
In the past, Binance was known to implement many delistings for nonfunctional trading pairs. On July 22, the exchange removed MDX, ceasing MDX/USDT spot trading pair on its platform. Rather than translate to bearish news for the token, MDX price surged raising questions amongst crypto enthusiasts. Last month, Binance informed its users of plans to delist ALPACA/BTC, MDX/BTC, NFP/TUSD, QUICK/BTC, and XAI/BNB trading pairs.
In June, the crypto trading giant also delisted OMG Network (OMG), NEM (XEM), and Wrapped NXM (WNXM) from its spot and margin outlets. Binance explained that these cryptocurrencies failed to meet industry standards and requirements periodically. In this case, users have until September 17 to withdraw their tokens from the platform. Afterward, the exchange will cease support for them on Binance’s spot and margin outlets.
The key factors behind the exchange’s delisting mechanism are its commitment to risk reduction and market stability. Binance believes that by carefully managing tradable assets, it bolsters the platform’s security and integrity, which in turn, is expected to create a safe space for users.
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