As a seasoned researcher who has witnessed numerous market fluctuations and exchange decisions, I find myself intrigued by the recent developments at Binance and OKX. The delisting of trading pairs for Filecoin (FIL), Optimism (OP), and several others is an interesting move that underscores the dynamic nature of the cryptocurrency market.
Leading cryptocurrency exchange, Binance, has made the decision to delete some trading pairs involving Filecoin (FIL) and Optimism (OP), as part of their regular assessment process. This move will impact the availability of these cryptocurrencies for spot trading on the platform.
On a specific note, Binance is planning to take down four pairs – ACE/USDT, FIL/BNB, OP/BNB, and TRB/USDT – from its platform. As per the schedule, this action will include stopping all spot trading for these pairs on Friday, October 4, 2024, at 3:00 AM (UTC).
Price of FIL And OP Impacted by Binance’s Delisting Update
In the recent user notification, Binance made it clear that removing these particular tokens is in line with their goal to safeguard users. Additionally, they emphasized their dedication to preserving top-tier trading markets. It’s suggested that these tokens may not have met Binance’s criteria for liquidity, trading volume, and stability.
The cryptocurrency company stated that this action does not affect the accessibility of Binance Spot’s assets for trading. Therefore, users can continue to trade the base and quote assets in the mentioned spot trading pairs on other platform pairs. Moreover, all Spot Trading Bots services related to these spot trading pairs will be discontinued at the same time as the delisting process.
As an analyst, I would advise you to either update or deactivate your Spot Trading Bots for the trading pairs, to prevent potential losses when the termination is executed. In light of the recent delisting announcement, the underlying cryptocurrencies of these trading pairs have experienced a minor fluctuation. At present, Filecoin (FIL) is trading at $3.66, representing a 6.66% decrease in its value over the past 24 hours.
Over the same timeframe, optimism has dipped by 9.49%, currently valued at $1.69. Interestingly, the sentiment around FIL trades is favorable as its trading volume has increased by 34.74%, reaching a whopping $192 million in the last 24 hours, indicating growing investor enthusiasm for this token. A similar trend is observed with OP, which boasts a trading volume of $228.8 million following a significant surge of 48.87%.
In mid-2024, Binance temporarily suspended several spot trading pairs such as AVAX/TUSD, MATIC/TUSD, VOXEL/BTC, along with bots for these pairs, during the second half of the year. A group of other trading pairs including ALPACA/BTC, MDX/BTC, NFP/TUSD, QUICK/BTC, and XAI/BNB were deactivated from their website a few weeks prior to this change.
OKX Undergoes Week-long Delisting Exercise
It’s important to mention that other trading platforms have taken more extensive actions of delisting assets in the past, sometimes doing so gradually over several days. For instance, OKX stopped offering certain Bitcoin (BTC), Ethereum (ETH), and XRP trading pairs back in July.
The process for removing certain trading pairs was set up to happen gradually, spanning approximately one week. In August, OKX made known their intention to stop trading for FITFI/USDT, TAMA/USDT, and WNCG/USDT, among others. This platform generally manages its delisting or listing decisions according to its guidelines on Concealing Tokens and Inactive Trading Pairs.
On OKX, user feedback and complaints are gathered. These are assessed to determine if associated trading pairs have breached offline regulations or present significant risks. If an issue is identified, delisting becomes necessary. The ultimate goal is to foster a secure digital asset ecosystem within the blockchain industry, enhance the liquidity of trading pairs, and offer users a satisfying trading experience.
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2024-10-02 12:39