One of the biggest exchanges in history, Binance, announced today that it will be delisting thirty cryptocurrencies from its exchange platform ‘to improve liquidity and user trading experience among our wide range of available assets.’ According to Binance, this will happen at 8am UTC, 30/09/19.
Binance stated that the following trading pairs will be closed:
ANKR/PAX, ANKR/TUSD, ANKR/USDC, BCPT/PAX, BCPT/TUSD, BCPT/USDC, BTT/BTC, DENT/BTC, DOGE/PAX, DOGE/USDC, ERD/PAX, ERD/USDC, FTM/PAX, FTM/TUSD, FUEL/ETH, GTO/PAX, GTO/TUSD, GTO/USDC, LUN/ETH, NCASH/BNB, NPXS/BTC, ONE/PAX, ONE/TUSD, PHB/PAX, PHB/USDC, TFUEL/PAX, TFUEL/TUSD, TFUEL/USDC, WAVES/PAX, WIN/BTC.
Although Binance said that the delisting’s are ‘mostly requested by the project teams,’ there are some bigger names on the list that make you wonder why. For example, BitTorrent (BTT) is amongst the assets being removed.
BTT was founded by Justin Sun, Tron’s founder and CEO, after he acquired the controversial file sharing application BitTorrent in June 2018. BTT was launched on Binance’s launchpad, selling out in minutes for a total of $7.2 million and 59.8 billion tokens. Binance CEO and founder, Changpeng Zhao tweeted out that:
“Both sessions concluded. Took about 18 minutes, due to a system issue, would have taken 18 seconds otherwise. Demand was astronomical.”
Despite the outstanding sale of the tokens, since its release on the Binance exchange, it has decreased in price and popularity, however this shouldn’t be the reason for delisting as it has followed the market trends.
Furthermore, there are a total of six cryptocurrencies that are being delisted despite being a part of the Binance launchpad, which begs the question – why are these projects being delisted and was it really up to the teams themselves? Comment your opinions below!