Binance has announced it will remove 14 fiat trading pairs from its platform, including some linked to BNB and BUSD.
The exchange will remove the pairs in three phases scheduled to start on June 14.
How Binance Will Phase out Pairs
The exchange, which made headlines in the past week after the US Securities and Exchange (SEC) filed a lawsuit against it, released a removal schedule for affected spot pairs.
- At 03:00 (UTC): BIFI/BUSD, DASH/BNB, FIO/BUSD, GAL/BNB, ILV/BNB, KLAY/BNB
- esAt 06:00 (UTC): LIT/ETH, MC/BNB, MINA/BNB, MLN/BUSD, ONE/ETH, OXT/BUSD
- At 08:00 (UTC): PEOPLE/BNB, PEOPLE/ETH, QNT/BNB, WAXP/BNB, XTZ/ETH, ZEC/BNB, ZRX/ETH
The firm advised users to update or cancel trading bots for the pairs before it terminates their operations.
“Users are strongly advised to update and/or cancel their trading bots prior to the cessation of trading bots services to avoid any potential losses.”
The exchange declined to say why it canceled the trading pairs but affirmed that customers could continue trading affected cryptos with other available pairs.
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Pair Removals Occur Against Backdrop of SEC Charges
The news comes as the exchange recorded a reported $8 billion in outflows after the SEC sued it last week.
Binance CEO Changpeng Zhao tweeted on June 10 that some third parties presented outflows out of context. He added that third parties inaccurately categorize sharp price drops caused by arbitrage traders as outflows. They also don’t consider inflows.
Binance.US also suspended dollar withdrawals and deposits to adopt a business model focused solely on cryptocurrencies. Before that, the exchange removed over 100 trading pairs.
It recently countered the SEC’s lawsuit by alleging that SEC chair Gary Gensler applied for a Binance advisory role in 2019.
Former SEC compliance official John Reed Stark predicted on Twitter that authorities would soon criminally charge Binance.
“My take is that US [Department of Justice] is working with the SEC, CFTC and multiple informants/whistleblowers, and the next axe to fall is the filing, or unsealing of, Binance-related criminal charges.”
Stark urged the crypto community to withdraw capital from exchanges in the face of the SEC’s recent crackdown on exchanges.
Binance could be removing trading pairs to reduce the SEC’s attack surface.
eToro announced on Tuesday US customers could not open new positions in ALGO, MANA, DASH, and MATIC. The announcement came after the SEC designated multiple crypto assets as securities in its lawsuit against Binance.
Find the full list of crypto assets the SEC deems securities here.
The exchange said,
“eToro has a framework in place that reviews the cryptoassets we offer in light of the rapidly evolving regulatory landscape. Due to recent developments, we will be making some changes to our crypto offering for US customers.”
For BeInCrypto’s latest Bitcoin (BTC) analysis, click here.
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Source: https://beincrypto.com/binance-removes-spot-pairs/