Both Binance as regards KuCoin, two of the largest cryptocurrency exchanges in the world, announced changes to their platforms this week. On the one hand, Binance will remove 12 trading pairsfor someone else, KuCoin says goodbye to 10 cryptocurrencies.
In the case of Binance, the removals are related to the abandonment of its own cryptocurrency, Binance USD (BUSD). Since August, the broker has been asking users to convert it into other assets.
The takedowns by KuCoin are related to the projects themselves, which ultimately caused a drop in the prices of the cryptocurrencies in question. The most affected cryptocurrency lost more than 40% of its value this Thursday (24).
Binance announces removal of 12 cryptocurrency trading pairs
Future moves through Binance were divided into two advertisements. In the first, the broker informs that he will remove 10 spot trading pairs and that the cut will take place next Friday (24). The pairs are as follows:
- APT/BUSD;
- AXS/BUSD;
- BAK/BUSD;
- CFX/BUSD;
- CHZ/BUSD;
- ETC/BUSD;
- FIL/BUSD;
GAS/BUSD; - TRB/BUSD;
- USTC/BUSD.
The second announcement reveals that Binance will remove the pairs BTC/BUSD It is ETH/BUSD from the margin market on December 7, making it clear that the broker has given up on keeping the stablecoin Binance USD (BUSD) on the market.
“Users are encouraged to convert their BUSD assets into other assets available on Binance before February 2024”the broker emphasized again.
KuCoin will remove 10 cryptocurrencies from its platform
The removals of the KuCoin were heavier. According to the brokerage, 10 projects have been disqualified after passing the tests and will therefore be removed this Friday (24). The list is as follows:
- Kambria (CAT);
- Sakura (SKU);
- Donkey (KDON);
- LOCGam (LOCG);
- Siena (WSIENNA);
- Inflation Hedging Currency (IHC);
- Position Exchange (POSI);
- TE-FOOD (TON);
- Pika Protocol (PIKA);
- Karura (KAR).
The greatest loss is for the TO-FOOD (SHOW)who lost 40.5% of its value after removal from KuCoin. Then the Position Exchange (POSI)at a low level 20.4%and the Kambria (CAT)of cases 19.3%. Other projects fell between 5 and 10%, with the exception of Pika Protocol (PIKA)that operates at a slight increase of 1.8%.
“If you hold the tokens in question, please make your withdrawal on or before the cut-off date above”points out KuCoin, noting that withdrawals will be available until May 28, 2024. “If you do not withdraw the money within the specified period, you will be deemed to have given up the money and you will not be entitled to recover it.”
KuCoin’s full statement, with further guidance, can be found in the takedown notice.
Source: Live Coins
Barry Siefert is an accomplished journalist and author at The Nation View. He is known for his expertise in the field of cryptocurrency, and has written extensively on the topic. With a background in finance and economics, Barry has a deep understanding of the underlying technology and market forces that drive the crypto industry.
