The world’s largest cryptocurrency exchange, Binance, announced the removal of certain spot and margin trading pairs, causing immediate market fluctuations. This move led to significant price declines, especially for Axelar (AXL), Coin98 (C98), and Enjin Coin (ENJ).
Binance Announces Delisting of Trading Pairs for 3 Popular Altcoins
In a statement on January 8, Binance announced that specific spot trading pairs for Axelar (AXL), Coin98 (C98), and Enjin Coin (ENJ) will be delisted effective January 10. The affected pairs include AXL/FDUSD, C98/BTC, and ENJ/ETH.
Binance cited low liquidity and trading volume as the reasons for this decision. The tokens will still be tradable with other assets on the platform, but the announcement has raised concerns among users about potential impacts on market dynamics.
Market Impact and Investor Concerns
The removal of these trading pairs, combined with recent market crashes, has exacerbated liquidity issues. Binance also announced the termination of Spot Trading Bots services for these pairs, which has significant implications for investors using automated trading strategies. Users were warned to cancel or reconfigure their trading bots to avoid potential losses.
Following the announcement, sharp price drops were recorded for AXL, C98, and ENJ.
Effects of the Delisting on Prices
The news triggered the following notable price declines:
- Axelar (AXL): Fell by 12%, dropping to $0.65 with a 24-hour trading volume of $15.85 million.
- Coin98 (C98): Declined by 15%, landing at $0.16.
- Enjin Coin (ENJ): Experienced a 14% drop, trading at $0.21.
Other tokens were also impacted:
- Litentry (LIT), Bella Protocol (BEL), and NULS each saw a 13% decrease.
- Lisk (LSK) declined by 10%, and SafePal (SFP) lost 5% of its value.
- Meanwhile, Binance’s suspension of Troy Token BSC deposits due to security concerns caused Troy’s price to plummet by 40%.
Margin Trading Adjustments
Binance also announced the delisting of cross and isolated margin trading pairs for tokens like Bella Protocol (BEL), NULS, Lisk (LSK), Litentry (LIT), and SafePal (SFP). Asset transfers for these tokens will be halted on January 9, and users must close their positions or transfer assets to spot accounts by January 16.
Affected trading pairs include BEL/BTC, LIT/BTC, and SFP/BTC, among others. Investors risk losses if they fail to update their positions during the delisting period.
Broader Market Implications
Binance’s decisions have impacted not just the affected cryptocurrencies but also general market sentiment. While the delisted tokens remain tradable through other pairs, the impact on liquidity and volatility requires careful monitoring by investors.
Experts caution that market recovery could take time. For a closer look at the latest Binance Alpha listings, as reported by Kriptokoin.com, you can check out the latest updates in this article.
