Binance Margin will be phasing out several BTC margin trading pairs, including Band Protocol, Gitcoin, Highstreet, Perpetual Protocol, STP and AVA. This affects both cross and isolated margin trading options. This is because it reduces the pairs available for users. The exchange warned users to close their positions to avoid potential losses. It then warned them to transfer the affected assets from Margin Wallets to Spot Wallets. However, despite the delist news, the price of coins like Highstreet and Perpetual Protocol surprised. Because HIGH and PERP increased by 6 percent to 12 percent. On the other hand, AVA, Gitcoin, BAND and STP also rose. These cryptos recorded modest gains between 1 percent and 2 percent. Here are all the details…
Binance will delist these tokens
On December 3rd, Binance informed its users about upcoming changes to its margin trading offerings. Several BTC trading pairs, including Band Protocol, Gitcoin and Highstreet, will no longer be available for cross or isolated margin trading. According to the announcement, BAND/BTC and GTC/BTC cross margin pairs will be delisted. On the other hand, isolated margin pairs such as AVA/BTC, HIGH/BTC, PERP/BTC and STPT/BTC will be removed. The delisting process will begin on December 4, 2024, with the suspension of isolated margin borrowing. The full delisting process, including the automatic closing of positions and cancellation of pending orders, will take place on December 11, 2024, at 09:00 am PT.
Binance, one of the top crypto exchanges, recommends users to close their positions before these deadlines. It recommends that users then transfer their holdings to Spot Wallets. While these pairs will be phased out, the underlying assets will continue to be traded on other existing pairs on the platform. These changes aim to streamline Binance’s offerings and better adapt to market demands.
Altcoin prices were not negatively affected during the delist
There was an upward trend in the crypto market in November. In just one month, nearly $1 trillion was added to the market. This increase in market momentum positively affected many of the affected assets, despite Binance’s delisting announcement. Band Protocol (BAND) traded at $1.90, up 4 percent in the last 24 hours and 22 percent in the last week. The GTC price rose 40 percent last week to $1.20 and has gained 100 percent in the last month. PERP rose 7 percent to $1.03, up 20 percent in just one week.
Highstreet (HIGH) price also performed strongly, rising 12 percent to $2.04. Meanwhile, the STPT price changed hands at $0.05, up 40 percent in the past month. AVA price is trading at $0.72, up 8 percent, reflecting a positive short-term outlook despite the upcoming delisting.
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