Binance announced on March 27 that they will be removing an additional 15 trading pairs from the platform effective immediately. This follows after the crypto exchange platform also removed a total of 10 trading pairs earlier this month.
The Binance Team, however, emphasized that for those who would like to use the assets that belong to the trading pairs up for removal, they can trade it with other available pairs on the platform.
Why is Binance doing this?
These trading pairs were:
Major exchanges remove pairs from their platforms when it gets filled with “illiquid” trading pairs. This means that these are the pairs that are not used often. When exchanges are stuck with so much illiquid trading pairs, they get bogged down.
Illiquid pairs are usually noticed from altcoins that do not get traded often. The drop in trading volume for these pairs could also be pointed to the crypto-market meltdown following the coronavirus scare.
Earlier this month, Bitfinex also delisted a total of 87 trading pairs, citing low liquidity as its main cause.
Global market nosedives, investor confidence drops
Because the global market is currently seeing a downward spiral, investor confidence also drops. Many central banks are even offering loans for reduced interest rates in order to spur business activities and prevent an economic slowdown.
In Toronto, for example, small business confidence reportedly fell to another historic low. Just this March 25, it witnessed a 10-point drop, falling further 19 index points from its February record of 60.5. According to the same report, only one in five business owners can confidently say that they are still operating in a good state.
Massive lay-offs have happened in different parts of the world. Many manufacturing plants have closed down. The stock market has hit many tripwires, and it is expected to happen more in the coming days if the coronavirus outbreak is not managed well.