The world’s leading cryptocurrency exchange is set to delist certain trading pairs this week.
Some of the digital assets that will be affected by the initiative include Ripple (XRP), Bitcoin Cash (BCH), and Avalanche (AVAX).
The Upcoming Amendment
Binance will remove the following cross-margin pairs: XRP/BNB, AXS/BTC, ETC/BTC, ATOM/BTC, DASH/BTC, BCH/USD1, PUNDIX/USDC, AVAX/USD1, and F/USDC, along with the isolated-margin pairs: AVAX/ETH, AXS/BTC, ETC/BTC, ATOM/BTC, DASH/BTC, and F/USDC on March 27.
“Exclusive immediately, users will no longer be able to transfer any amount of assets of the aforementioned pair(s) via manual transfers and Auto-Transfer Mode into their Isolated Margin accounts. If users hold outstanding liabilities of said tokens, these users may only manually transfer up to the amount of liabilities of that token into their Isolated Margin accounts, less any collateral already available,” the announcement reads.
The exchange also warned clients that they may not be able to update their positions during the delisting process, which could take approximately three hours.
Withdrawing support from Binance typically has a negative impact on the prices of affected cryptocurrencies, especially when it terminates all services for certain assets.
Ripple’s XRP has dropped 3% over the past 24 hours, BCH is down 2%, and AVAX (along with several other impacted coins) is also trading lower. However, their decline is more likely due to the renewed red wave sweeping through the entire crypto sector.
The Previous Updates
The company conducted additional delistings earlier this month, which triggered far steeper price drops. Initially, Binance Alpha removed 21 lesser-known altcoins, such as WorldShards (SHARD), Alliance Games (COA), BNB Card (BNB Card), MilkyWay (MILK), and Hyperbot (BOT), causing some of them to nosedive by 70-80%.
Several days later, Binance said goodbye to Arena-Z (A2Z), Ampleforth Governance Token (FORTH), Hooked Protocol (HOOK), Loopring (LRC), IDEX (IDEX), Neutron (NTRN), Solar (SXP), and Radiant Capital (RDNT). IDEX took the biggest hit, plunging by 33% after the disclosure.
It’s a completely different story when the exchange decides to show support for a particular cryptocurrency. In mid-March, for instance, it listed the CFG/USDT, CFG/USDC, and CFG/TRY trading pairs, while Centrifuge (CFG) surged more than 60% on the news. The reason is simple: backing from such an industry giant increases liquidity, expands availability, and gives the asset a significant reputational lift.
The post Important Binance Update Concerning Ripple (XRP) and Other Altcoin Traders: Details appeared first on CryptoPotato.
