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The world's leading cryptocurrency exchange by trading volume, announced the removal of several spot trading pairs from its platform, with 10 of these involving Binance Coin (BNB). The action comes amid an increasingly uncertain environment for the exchange.
Per the announcement on June 12, 2023, the removal process will be executed in three waves on June 14, 2023. The first wave at 3:00 a.m. (UTC) includes pairs like DASH/BNB and ILV/BNB. The second wave at 6:00 a.m. (UTC) sees pairs like MC/BNB and MINA/BNB among the delisted. The third wave, scheduled for 8:00 a.m. (UTC), will wrap up the process with the removal of pairs, including PEOPLE/BNB and ZEC/BNB.
The decision to remove these trading pairs is particularly significant for BNB, the native token of Binance. This action comes on the heels of Binance's controversial update to its Terms of Service, which declared the exchange's authority to convert delisted cryptocurrencies to a different type at their discretion without notifying users in advance.
Binance has assured users that they can still trade the affected assets using other available trading pairs on the platform. Nonetheless, this move raises questions about the future trading prospects for BNB on its home turf.
Simultaneously, Binance has also alerted users of the cessation of its trading bots services for the aforementioned spot trading pairs. The exchange has advised users to update or cancel their trading bots to avoid potential losses.
This development is one among several recent changes in Binance's modus operandi. The company's tussle with the U.S. Securities and Exchange Commission (SEC) over allegations of operating as an unauthorized exchange in the U.S. has only amplified the ambiguity around the exchange's operations.