Binance Delists Thirty Trading Pairs, Including Some From Its IEOs

Binance, one of the world’s leading cryptocurrency exchanges, has announced it delist thirty trading pairs from its platform. One-fifth of these include tokens launched through its initial exchange offerings (IEOs).

According to the exchange’s announcement, notable trading pairs including cryptoassets launched in its IEO platform – including BitTorrent’s BTT, Elrond (ERD), Harmony (ONE), and WINk (WIN) – are being delisted to “improve liquidity and user trading experience,2 and were chosen “as requested by most project teams.”

The delisted trading pairs featuring IEO tokens are:

ANKR/PAX, ANKR/TUSD, ANKR/USDC, BCPT/PAX, BCPT/TUSD, BCPT/USDC, BTT/BTC, DENT/BTC, DOGE/PAX, DOGE/USDC, ERD/PAX, ERD/USDC, FTM/PAX, FTM/TUSD, FUEL/ETH, GTO/PAX, GTO/TUSD, GTO/USDC, LUN/ETH, NCASH/BNB, NPXS/BTC, ONE/PAX, ONE/TUSD, PHB/PAX, PHB/USDC, TFUEL/PAX, TFUEL/TUSD, TFUEL/USDC, WAVES/PAX, WIN/BTC.

Trading pairs are more often than not delisted from cryptocurrency exchanges because of poor trading volume, as low-liquidity means bad actors are able to manipulate the market via pump and dumps. These affect the reputation of both the token and the exchange. The delistings are nevertheless notable.

After the IEO trend started various crypto exchanges started their own token ale platforms, including some of Binance’s biggest competitors, like OKEx. Its competitor hasn’t so far delisted any of the tokens sold via their IEO platforms.

OKEx, as CryptoGlobe covered, has supported the launch of the enterprise-focused network Hedera Hashgraph and as listed its HBAR token in September of this year. Hashgraph’s mainnet launched later that month, with 26 decentralized applications.

The network reportedly has a faster consensus algorithm than the blockchain used by Ethereum and Bitcoin, and claims to be capable of supporting up to 10,000 transactions per second.

Other projects the exchange hosted on its IEO platform, OKEx Jumpstart, include that of UK-based, FCA-regulated fintech company Wirex, which innovated by offering a crypto and traditional currency integrated Visa card. Its token, WXT, was designed to “help users access unique rewards and save on fees.”

OKEx Jumpstart also launched projects like Pledgecamp (PLG), a “crowdfunding 2.0” platform, and of X-power Chain (XPO), a “cloud screen ecosystem based on self-developed public chain.”

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Two Brazilian Crypto Exchanges Close Following Change in Tax Laws

  • Two Brazilian exchanges have been forced to close in the face of strict new regulations.
  • Exchanges are required to keep track of all transactions made with cryptocurrency or pay fines. 

Two Brazilian cryptocurrency exchanges have been forced to shut down following the enactment of new tax laws. 

Following reports of rampant cryptocurrency-related fraud in 2019, Brazilian politicians have created and enforced new tax regulations for the industry of cryptocurrency. 

According to a report by Bitcoin.com, exchanges Acesso and Latoex are two of the first casualties of the increased regulation. Both exchanges have decided to end operation, rather than pay the hefty fines and comply with strict regulation in the face of shrinking trading volume. 

Pedro Nunes, co-founder of Acesso Bitcoin, told Portal do Bitcoin, 

After the Federal Revenue Service introduced these rules we noticed a significant decrease in the traded volume. We also feel that the market has cooled off for smaller exchanges.

The new regulations, implemented in August 2019, require traders and brokerages to report all transactions involving cryptocurrencies. Failure to comply results in penalties ranging from 500 BRD to 1500 BRD ($120 - $360). 

Exchanges say that compliance with the new regulation requires expensive investment into new resources, which has been untenable for smaller and less profitable organizations.

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