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Based on its most recent reviews, major crypto exchange Binance stated it will remove and cease trading on six spot trading pairs: ANKR/BTC, BOME/EUR, DATA/BTC, HOME/BNB, SHELL/BNB and SPK/BNB on Oct. 17 at 3:00 a.m. (UTC).
Reasons for delisting vary, according to Binance, and may be due to multiple factors, including poor liquidity and trading volume.
It should, however, be noted that the delisting only applies to the above listed spot trading pairs and does not affect the availability of the tokens on Binance.
Binance will also be terminating Trading Bots services for the six spot trading pairs on the said date and time.
Binance announces $400 million initiative
Binance recently announced a $400 million "Together Initiative," aimed at boosting the crypto industry's recovery after last week's market crash, which wiped out $19 billion in crypto liquidation at one point during the sell-off.
This is divided into two phases: $300 million in USDC to users who incurred losses following the sell-off, and the $100 Million Institutional Support Program.
Binance will distribute between $4 and $6,000 in USDC, totaling $300 million in USDC, to eligible users who incurred forced liquidation losses across Futures and Margin trading between Oct.10 and 11. The total liquidation loss amount must be equivalent to at least $50 and must represent at least 30% (loss ratio) of the user’s overall net assets based on the snapshot taken on Oct. 9 at 11:59 p.m. (UTC).
Binance has also established a $100 million low-interest loan fund for ecosystem and institutional users severely impacted by the market sell-off to help them restart their trading.
Dan Burgin
Vladislav Sopov
U.Today Editorial Team