Recently, critical announcements regarding altcoins have surfaced from both Binance and Coinbase, two major players in the cryptocurrency realm.
Coinbase delists an altcoin project
These announcements encompassed various aspects such as delisting, listing new assets, and providing support for network updates. Let’s delve into the details. Coinbase, the largest cryptocurrency exchange in the United States, has made a significant announcement about delisting a specific altcoin project – Polymath (POLY). The exchange communicated this decision through an official statement shared on social media on November 21, a Tuesday. According to Coinbase, this move is a result of regular reviews conducted to ensure that listed assets align with the platform’s listing standards. In its statement, Coinbase declared that trading of Polymath (POLY) would be suspended on December 5, 2023. Subsequently, on the same day, the altcoin will be officially removed from the platform.
Coinbase has advised investors holding POLY on its platform to withdraw their assets before the delisting process takes effect. The exchange emphasized that users have the flexibility to withdraw these cryptocurrencies at their convenience. The announcement of delisting had an immediate impact on the value of Polymath. According to CoinGecko data, POLY experienced a significant drop in price, plummeting from $0.208 to $0.167, marking a decline of over 20% at the time of the news. Currently, POLY is trading at $0.17, reflecting a 10% decrease.
Binance continues to delist BUSD pairs
On the other front, Binance, the world’s largest cryptocurrency exchange, announced on Wednesday, November 22, that it would delist 10 trading pairs from spot trading. The affected trading pairs include Aptos (APT), Axie Infinity (AXS), BakerySwap (BAKE), Conflux (CFX), Chiliz (CHZ), Ethereum Classic (ETC), Filecoin (FIL), Polkadot (DOT), Gas (GAS), Tellor Tributes (TRB), and TerraUSD Classic (USTC).
As of November 24, at 06:00, Binance will delist and cease trading activities for several trading pairs on its spot trading platform. Binance has assured users that they can buy and sell these assets in other available trading pairs on the platform. Additionally, the exchange has advised users, especially those employing trading bots, to cancel all trading transactions involving these pairs to mitigate potential losses. In a broader context, Binance is encouraging users to convert their BUSD assets into other cryptocurrencies before February 2024. The exchange aims to provide a seamless transition for users while taking steps to ensure the security and efficiency of its trading ecosystem.
Announcement for New Altcoin Pairs
Furthermore, Binance is gearing up to launch trading for several new spot trading pairs on November 23, 2023, at 11:00 AM GMT. Among the newly introduced trading pairs are DOT/TUSD, GALA/FDUSD, GAS/TRY, NTRN/TRY, and WLD/FDUSD. Additionally, starting from the same date and time, Binance will activate Trading Bot services, including Spot Grid, Spot DCA, and Rebalancing Bot, for the BEAMX/USDT trading pair. This move reflects Binance’s commitment to expanding its offerings and providing users with a diverse range of trading options, further enhancing the overall trading experience on the platform.
Support for QTUM Network Upgrade Announced
In the latest development, Binance has revealed its support for the network upgrade of Qtum (QTUM), including the forthcoming hard fork anticipated to take place at approximately block height 3,385,122, around 03:24 on November 27, 2023. As a result, deposits and withdrawals of tokens on the Qtum network will be temporarily suspended starting from 02:30 on November 27, 2023. Binance’s commitment to staying abreast of blockchain advancements and providing necessary infrastructure support underscores its dedication to facilitating a seamless experience for users engaging with various blockchain assets on its platform. This proactive approach aligns with Binance’s ongoing efforts to ensure the reliability and security of its services amid the dynamic landscape of blockchain technology.