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.”

Institutional Derivatives Volumes Went Cold After Crypto Market Crash: CryptoCompare

  • Institutional derivatives trading plummeted following March's crypto market crash according to latest CryptoComapre report. 
  • Mar. 13 generated the highest daily volumes in cryptocurrency history, generating $75.9bn in trades. 

Volume trading on institutional derivatives plummeted following the crypto market crash in March. 

According to the  CryptoCompare March 2020 Exchange Review, institutional derivatives volumes tanked following the market crash on Mar. 12, which saw the price of bitcoin drop as low as $3,800. Trading volume across institutional exchanges, including CME, declined more than 43% in March compared to the month before. 

According to the report, 

Institutional appetite for derivatives products appeared to decline rapidly following the BTC crash, with CME losing 44% of volume compared to February. Trading volumes totalled $7.36bn in March compared to $13.1bn in February.

cryptocompare march 2020 guideVolume trading across crypto exchanges in March 2020 | Source: CryptoCompare

The report found that CME options trading, which launched in January of this year, have not seen significant improvements in volume and are far from generating the activity seen on rival crypto exchange Deribit. 

Despite the market crash, Mar 13. brought about the highest daily volumes in cryptocurrency history, generating $75.9bn in trades. Lower Tier exchanges accounted for the majority of the volume at $54.3bn, while Top Tier volumes also set a record at $21.6bn in daily trades. 

According to the report, spot volumes surged in Q1 2020, with Top Tier exchanges increasing month-on-month since December 2019. Even with the economic uncertainty of the coronavirus, spot volumes for Top Tier exchanges increased 35% on average vs February.

While crypto experienced its single largest day of volume trading, March’s overall volume failed to reach the same levels of Dec. 2017’s crypto bull run.

The report reads, 

Despite the March price crash, volume levels for these exchanges still haven’t reached those seen in the Dec-2017 bull run. Overall, volumes across all Top Tier exchanges increased 8.0% to $288Bn in March.

Binance was the largest Top Tier exchange by volume in March, trading $63.6bn, an increase of 19.2% over the month before. OKEx generated the second-largest volume of $47.7 bn, down 8.2% from February. Coinbase experienced the largest percent increase in volume trading during March, generating $13.3bn, up 41.9%.

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