Binance is expected to remove several spot trading pairs on Wednesday, one day after the CPI release. Binance users are being given special notices.
Leading cryptocurrency platform Binance announced on June 12 the removal of several spot trading pairs from its platform, notably including 10 pairs associated with Binance Coin (BNB), the exchange’s native token.
This move comes amid the ongoing legal battles between the U.S. Securities and Exchange Commission (SEC) and major crypto exchanges.
Notice of New Removals
According to the “Notice of Removal of Trading Pairs,” the removal process will be carried out in three timelines on June 14, 2023. The first, commencing at 3:00 a.m. (UTC), will include DASH/BNB and ILV/BNB.
The second is scheduled for 6:00 a.m. (UTC) will see pairs like MC/BNB and MINA/BNB delisted. Finally, the third at 8:00 a.m. (UTC) will conclude the process by removing pairs like PEOPLE/BNB and ZEC/BNB.
The list targets Binance Coin (BNB), Binance USD (BUSD), and Ethereum (ETH), but BNB trading pairs hold particular significance.
Apart from the delisting of trading pairs, Binance also notified users about the suspension of its trading bots services for the aforementioned spot trading pairs. Users have been advised to update or cancel their trading bots to avoid potential losses.
Binance has recently ramped up for many changes in its operations. After being hit by the SEC’s allegations the previous week, Binance.US, the exchange’s American arm, delisted 102 spot trading pairs and suspended its OTC services.
Another announcement earlier this morning highlighted the delisting of six isolated margin pairs, including BNT/BUSD, CVX/BTC, POLS/BUSD, POWR/BUSD, STPT/BUSD & STRAX/BUSD, further adding to the uncertainty surrounding the future of the major exchange.
The decision follows Binance’s recent controversial update to its Terms of Service, where it asserted its authority to convert delisted cryptocurrencies into a different type without prior notification to users.
Although Binance has assured users that they can still trade the affected assets using other available trading pairs, this development raises concerns about the future trading prospects for BNB on its own platform.
Network Outflows Surpassed $2 Billion In 7 Days
13 charges by the SEC are only part of a series of challenges. Over the last seven days, Binance has witnessed massive asset outflows due to the turbulence. The price of Binance Coin has traded below $300 since the lawsuit broke out.
Data from on-chain analysis firm Nansen reported that a staggering $2.36 billion flew out of Binance over the past week. Of this amount, $123.7 million can be attributed to Binance.US, the American arm of the exchange.
Meanwhile, DeFiLlama, another on-chain analysis company, paints an even grimmer picture, indicating a larger outflow of $3.35 billion from Binance.
While the analyses may not align perfectly, they both underscore the undeniable fact that Binance and its CEO are hemorrhaging money.
This financial turmoil is further compounded by recent reports from Forbes, revealing that both Changpeng Zhao and Brian Armstrong, CEO of rival crypto platform Coinbase, have collectively lost a staggering $1.7 billion of their personal fortunes within hours following the SEC’s allegations.
The cryptocurrency landscape in the U.S. remains uncertain, and as regulatory pressures mount, the financial toll on industry leaders like Binance, Coinbase, and their executives continues to intensify.
Meanwhile, in other regions, such as Hong Kong, the environment appears to be less hectic. Johnny Ng, a member of the Legislative Council, has voiced his support for cryptocurrency exchanges such as Coinbase.
He hinted at the possibility of stock listing opportunities, which could attract additional interest and investment to the region. Hong Kong has been actively working on developing regulations and implementing compliance measures, positioning itself as a potential hub for the cryptocurrency industry.
This week, the crypto market is setting eyes on the outcome of the upcoming Federal Open Market Committee (FOMC) meeting. The decisions could either exacerbate the current market setback or provide a much-needed bullish momentum.