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The world’s largest cryptocurrency exchange by volume, Binance, recently announced in a statement that it will be removing 21 spot trading pairs for 20 altcoins. These trading pairs include APT, AMP, BEL, FIS, GAL, GMT, APE, AVAX, AXS, DOT, FTM, LINK, SAND, SHIB, JASMY, KP3R, REI, SANTOS, STMX, and XTZ.
Removing 21 Trading Pairs
According to the announcement, starting at 06:00 local time on May 26, trading pairs APT/BRL, AMP/BTC, BEL/ETH, FIS/BRL, GAL/ETH, and GMT/BRL will be the first to be removed. This will be followed by the removal of APE/AUD, AVAX/AUD, AXS/AUD, DOT/AUD, FTM/AUD, LINK/AUD, SAND/AUD, and SHIB/AUD trading pairs at 08:00 local time. Finally, at 09:00 local time, GMT/GBP, JASMY/BTC, KP3R/BNB, REI/BNB, SANTOS/BRL, STMX/BTC, and XTZ/BNB pairs will be discontinued.
The decision to remove trading pairs, especially those involving the Australian Dollar (AUD), comes on the heels of regulatory challenges faced by the crypto exchange’s Australian arm, Binance Australia. As is well-known, the Australian Securities and Investments Commission (ASIC) had opened an investigation into Binance Australia’s operations and its compliance with local regulations.
Binance’s License Revoked in Australia
The removal of multiple AUD trading pairs for several altcoins on May 26 appears to be a strategic move by Binance in response to the regulatory hurdles it is facing in the country.
Just a short time ago, ASIC cancelled the Australian financial services license of Oztures Trading Pty Ltd, which operates under the name Binance Australia Derivatives, at the company’s request. The license cancellation was a result of an ongoing investigation initiated after ASIC found that the crypto exchange had incorrectly classified some individual investors as institutional investors.
