As someone who has been navigating the ever-evolving landscape of cryptocurrencies for quite some time now, I find this recent announcement intriguing. The autoconversion of several popular coins into stablecoins is a move that seems to be gaining traction in the industry.
Binance, one of the leading cryptocurrency exchanges, has recently chosen to delist certain trading pairs, including those for Algorand (ALGO), DigiByte (DGB), and GMX. This action was taken to safeguard users and preserve the platform’s high-quality market for trading. The affected digital currencies have respective values of $0.12 for ALGO, $0.0067 for DGB, and $22.40 for GMX, with 24h volatilities of 1.8%, 1.0%, and 2.9% respectively. The market caps are $1.01 B for ALGO, $116.24 M for DGB, and $218.49 M for GMX, while the trading volumes within the last 24 hours are $50.67 M, $3.36 M, and $13.70 M respectively.
Binance Advises Users to Take Action
Starting on October 25, 2024, at 3:00 AM (UTC), Binance will no longer support the trading pairs ALGO/FDUSD, CHR/ETH, DGB/BTC, and GMX/BTC. This decision was made based on factors like liquidity and trading volumes of the affected cryptocurrencies, among others. Unfortunately, these trading pairs did not meet Binance’s platform requirements.
At 11:00 UTC+8 on October 25, Binance has decided to cease trading for the following pairings: ALGO/USD, CHR/ETH, DGB/BTC, and GMX/BTC. This action is being taken due to low liquidity and trading activity in these markets.
— Wu Blockchain (@WuBlockchain) October 23, 2024
On a well-known and international scale, Binance frequently assesses its services. This practice guarantees that users can easily trade in active and deep markets, thereby preserving the honesty and reliability of the cryptocurrency marketplace.
It’s important to mention that taking a spot trading pair off Binance doesn’t affect your ability to trade the tokens. You can still deal with the base and quote assets of the removed pair on other Binance trading pairs. Furthermore, along with removing these trading pairs, Binance also intends to shut down their Spot Trading Bots service.
Due to some changes, it’s strongly recommended that you update and subsequently cancel your Spot Trading Bots for the mentioned pairs. Make sure to do this prior to the discontinuation of Spot Trading Bot services to prevent any possible financial losses.
Binance Delist And Autoconvert Several Cryptocurrencies
Among Binance’s recent actions, the delisting of several trading pairs like APE/ETH, ATOM/BNB, BAL/BTC, and BNB/DAI took place on October 11 at 03:00 UTC. In a similar fashion, the exchange plans to automatically convert certain tokens such as Tornado Cash (TORN), OMG Network, and Waves into the United States dollar-pegged stablecoin, USDC ($1.00). The 24-hour volatility for these tokens are as follows: USDC – 0.1%, TORN – 0.6%, OMG – 0.6%, and WAVES – 0.8%. Their respective market caps and 24-hour volumes are: USDC ($34.55 B, $4.42 B), TORN ($36.58 M, $4.09 M), OMG ($36.58 M, $4.09 M), and WAVES ($109.92 M, $23.68 M).
In addition to VAI, other digital currencies undergoing a similar autoconversion exercise include NEM (XEM), BarnBridge (BOND), Dock (DOCK), Mdex (MDX), Polkastarter (POL), and Pundi X PURSE (PURSE). The conversion will depend on the balance of users’ wallets at the time of the snapshot, which is set for October 29 at 00:00 (UTC). Here are their current statistics:
Starting on April 28, 2025, at 11:59 PM (UTC), the autoconversion will take effect. The conversion process is scheduled to begin on October 29, 2024, at 12:00 AM (UTC) and end on April 28, 2025, at 11:59 PM (UTC).
For those who prefer to keep their assets, it’s recommended to move them to different wallets prior to the given deadline. After this point, the trading platform will no longer facilitate withdrawals to external accounts. Users impacted by this change began receiving notices from the exchange on October 15, 2024, at 23:59 (UTC).
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2024-10-23 13:43