Binance announces delisting of some crypto assets such as IOTA and ANKR

The popular crypto-exchange, Binance, has announced that it will delist some trading pairs such as IOTA/BNB and ANKR/BNB as of 1 September.

Binance and the delisting of IOTA and ANKR against BNB

In one of its blog posts, Binance announced the delisting of some crypto assets that will take place starting 1 September, urging users to take action on them.

Basically, as of tomorrow, Binance will remove and cease trading for ANKR/BNB, CVC/BUSD, EPX/BUSD, HIVE/BUSD, IOTA/BNB, KLAY/BUSD, LRC/BNB, MBL/BUSD, MTL/ETH, and UMA/BUSD. 

Hence, these are pairs in which BUSD or BNB is present. In the case of Binance USD (BUSD), the deletion could be a consequence of the crypto-exchange’s continued decline to support Paxos’ stablecoin. 

In any case, Binance urges users to update and/or delete their Spot Trading Bots before the termination of Spot Trading Bots services to avoid potential losses.

Not only that, the crypto-exchange specifies that while the aforementioned trading pairs will be removed, users will still be able to trade on other pairs available on Binance. 

Binance and the delisting of IOTA and ANKR: how is the price of the two crypto assets progressing?

Binance’s announcement was published and shared during the day yesterday. Hence, in the last 24 hours, it is easy to see whether such news has affected the price of cryptos that will be removed with pairs on BNB, such as IOTA and ANKR. 

And indeed, ANKR has seen a -3.50% price dump, and at the time of writing is worth $0.019. The 131st crypto by market capitalization also saw a -37.51% drop in transaction volume over the past 24 hours. 

IOTA, on the other hand, recorded a price pump in the last 24 hours of +1.25%, worth $0.157 at the time of writing. However, the transaction volume of the 75th crypto by market cap fell -54%. 

Comparing the price trend of the two crypto assets against the trend of the queen Bitcoin (BTC), which usually leads the overall trend, there are some differences. 

In fact, all three crypto assets experienced a price pump on the day of 29 August, when BTC touched $27,938 from $25,990 the previous day. IOTA rose from $0.145 to $0.157 and ANKR from $0.01915 to $0.0205. 

Since that day, however, while BTC is now worth $27.239, remaining somewhat in the pump, IOTA is doing almost the same, while ANKR has fallen back to levels from before the general pump on 29 August. 

The breakdown of support for BUSD by 2024

This move today, which concerns many pairs trading on BUSD, is part of a decision that Binance has already announced, and that is to discontinue its support with stablecoin by 2024. 

The main motivation is involvement by the US Securities and Exchange Commission (SEC), which has charged Paxos Trust Company for issuing and offering Binance USD (BUSD), calling it an unregistered security.

This legal pressure reportedly prompted Paxos to stop creating new BUSD tokens as of 21 February, adding uncertainty to the future of the stablecoin. 

In any case, viewing BUSD’s graph, it appears that just yesterday there was a real collapse in its market capitalization from $3.1 billion to the current $3.07 billion.