Binance, the world's leading cryptocurrency exchange, has announced the delisting of several trading pairs, including Algorand (ALGO), DigiByte (DGB), and GMX (GMX). This decision was made after a thorough review of the trading pairs' liquidity and trading volumes, which did not meet Binance's standards.
Delisting and Autoconversion:
The delisting of ALGO/FDUSD, CHR/ETH, DGB/BTC, and GMX/BTC will take effect on October 25, 2024, at 3:00 AM UTC. Binance will also terminate Spot Trading Bots services associated with these pairs.
In addition to delisting, Binance is planning to automatically convert several cryptocurrencies, including Tornado Cash (TORN), OMG Network (OMG), Waves (WAVES), Vai (VAI), NEM (XEM), BarnBridge (BOND), Dock (DOCK), Mdex (MDX), Polkastarter (POL), and Pundi X PURSE (PURSE), to USD Coin (USDC). The conversion will be based on user holdings at the time of a snapshot on October 29, 2024, at 0:00 UTC. The conversion period will run until April 28, 2025, at 11:59 PM UTC.
Impact on Users:
While the delisting of trading pairs will remove them from Binance's platform, users can still trade the individual base and quote assets on other trading pairs. However, the autoconversion of cryptocurrencies to USDC may affect user holdings if they do not take action before the snapshot date.
Binance's Commitment to Quality:
Binance regularly reviews its offerings to ensure that users have access to liquid and actively traded markets. By delisting and autoconverting certain cryptocurrencies, Binance aims to maintain a high-quality trading environment and protect its users.
October 2024, Cryptoniteuae