Binance to Remove Six Bitcoin Margin Trading Pairs Starting December 4
Leading cryptocurrency exchange Binance has removed several Bitcoin margin trading pairs, affecting Band Protocol #BAND, Gitcoin #GTC, Highstreet #HIGH, Perpetual Protocol #PERP, STP #STPT, and AVA #AVA. This action will impact both cross- and isolated-margin trading options, ultimately reducing the number of available user pairs.
Binance Advises Users to Take Action
The delisted pairs include BAND/BTC and GTC/BTC for cross-margin, along with isolated margin pairs like AVA/BTC, HIGH/BTC, PERP/BTC, and STPT/BTC. This follows a recent delisting of C98/BTC and IDEX/BTC.
According to an announcement, the delisting will commence on December 4, 2024, with the suspension of isolated margin borrowing. Users have until December 11 to act before full removal. Key events include automatic position closures and cancellation of pending orders.
Users are encouraged to close positions and transfer affected assets from Margin Wallets to Spot Wallets to avoid potential losses. The underlying assets remain unaffected and can still be traded on other pairs on the platform.
Binance conducts such delistings after thorough reviews, typically when an asset or trading pair fails to meet liquidity and trading volume standards. This aims to protect users and provide a quality trading environment while streamlining offerings to align with market demands.
Delisted Assets Remain Unfazed
Delisting often negatively impacts an asset's reputation and investor confidence. In this instance, it reflects reduced confidence in the delisted pairs from Binance, potentially signaling investors to monitor other exchanges, which could affect trading activity and trigger price declines.
However, this projection varies among the affected assets, with ongoing bullish trends contributing to price increases. Highstreet and Perpetual Protocol have experienced price surges of 6% to 12% since the announcement. Similarly, AVA, Gitcoin, BAND, and STP have seen modest gains between 1% to 2%. Investor sentiment is mixed across these assets.
Currently, BAND is priced at $1.98, reflecting a 7.41% increase in 24 hours. GTC has increased by 3.22% to $1.24; PERP gained 11.04%, and HIGH rose by 15.89% to $2.07.
This positive momentum may be attributed to broader market rallies, with the crypto landscape adding up to $1 trillion in valuation over the past 30 days.