- Binance announced that it has decided to delist certain trading pairs.
- Users will be able to trade the delisted assets on other trading pairs that are available.
- The exchange platform has also decided to donate $1 billion to keep the industry afloat.
Biggest crypto exchange Binance officially announced on its website that they have decided to delist certain trading pairs from its platform from November 28.
The Chinese media company, Wu Blockchain, shared the details in a tweet:
Binance announced that it will delist the following spot trading pairs on November 28, 2022: , , , BTCST/USDT, , GTO/USDT, , , , , , , , SRM/USDT, TRIBE/USDT, https://t.co/z9dpVmQEmH
— Wu Blockchain (@WuBlockchain) November 25, 2022
According to the announcement, Binance will delist ARK/BTC, BEAM/BTC, BTCST/BTC, BTCST/USDT, GTO/BTC, GTO/USDT, MITH/BTC, MITH/BNB, PERL/BTC, PNT/BTC, REP/BTC, SRM/BNB, SRM/BTC, SRM/USDT, TRIBE/USDT, and XEM/BTC.
However, users will still be able to trade the above assets on other trading pairs that are available on Binance. According to the disclaimer by the exchange, users are advised to update their trading strategies prior to the termination of strategy trading services to avoid any potential losses.
Binance stated that they would terminate the services for the trading pairs on November 28, at around 3:00 UTC.
In other news, in the aftermath of FTX’s bankruptcy, Binance on Thursday provided additional information on its industry recovery fund, which intends to support the suffering users. Binance said it would first donate $1 billion to the recovery fund.
Furthermore, Binance also noted that if the need further persists, then it may eventually boost that sum to $2 billion. Additionally, investment companies focused on crypto including Jump Crypto, Polygon Ventures, and Animoca Brands have committed $50 million to the project. The CEO of Binance, Changpeng Zhao, said the funds provided are aimed to keep the crypto market afloat after Sam Bankman-Fried filed for chapter 11 bankruptcy after citing liquidity crises
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