Cryptocurrency exchange giant Binance has announced the removal and cessation of trading for a slew of spot trading pairs. The pairs will be out of Binance’s spot trading list effective 20th November 2023 at 03:00 (UTC).
The affected pairs include ADA/RUB, ALGO/RUB, ARB/RUB, ARKM/RUB, ARPA/RUB, BNB/RUB, BUSD/RUB, DOT/RUB, ETH/RUB, LTC/RUB, MATIC/RUB, NEAR/RUB, SOL/RUB, WLD/RUB, and XRP/RUB.
Spot trading is a fundamental aspect of cryptocurrency exchanges. It involves the immediate exchange of financial instruments, like cryptocurrencies, for on-the-spot delivery.
Binance’s decision to delist these trading pairs stems from various factors like poor liquidity and trading volume. This move reinforces the crypto sector commitment to user protection and market quality.
New York takes sets guidelines for token listing and delisting
The New York State Department of Financial Services (NYDFS) has rolled out stringent guidelines effective from 15th November 2023. It has further added to the complexity of the situation.
Crypto companies operating within the state are now required to seek NYDFS approval for their coin listing and delisting policies. The industry is ushering in a new era of regulatory scrutiny.
The NYDFS wants to enhance risk assessment standards across multiple dimensions, encompassing technological, operational, cybersecurity, market, liquidity, and illicit activity risks associated with listed digital tokens.
Companies licensed under the New York Codes, Rules, and Regulation, or limited purpose trust companies under the state’s Banking Law, will be subject to the updated policies. This move is poised to ensure a more strict framework for crypto entities operating within the New York state.
Binance’s delisting decision indicates a growing emphasis on market health, potentially steering the industry towards a more sustainable future
Jane Doe, Market Analyst.
It remains to be seen how other major exchanges will respond as the crypto landscape evolves in these regulatory waters. The changing landscape will impact both trading pairs and listing/delisting policies.