According to an announcement made by Binance, the world’s largest exchange by volume, on Friday, transactions of several high-volume cryptocurrencies in GBP trading pairs on Binance Spot will be terminated. Binance plans to delist some major trading pairs by December 29, including Bitcoin (BTC), Ethereum (ETH), BNB, Solana (SOL), XRP, Cardano (ADA), Chainlink (LINK), Polygon (MATIC), Litecoin (LTC), and Dogecoin (DOGE).
Binance Removes Key GBP Spot Pairs
According to the official announcement made by the cryptocurrency exchange Binance on December 22, it was announced that trading of GBP spot pairs would be removed and stopped. The decision was attributed to increasing challenges such as regulatory burden, increasing regulatory pressures, and the loss of banking partners.
Binance will remove ADA/GBP, BNB/GBP, BTC/GBP, DOGE/GBP, ETH/GBP, GBP/USDT, LINK/GBP, LTC/GBP, MATIC/GBP, SOL/GBP, and XRP/GBP on December 29 at 03:00 UTC.
The history of these transactions is based on Binance’s suspension of new customer acceptance in the United Kingdom in accordance with new FCA regulations that restrict promotions of overseas digital asset firms in the country.
Furthermore, following the termination of the operating agreement with Binance’s banking partner in the United Kingdom, GBP users have encountered problems with withdrawal and deposit transactions.
Binance:
To protect users and maintain a high-quality trading market, Binance periodically reviews all listed spot trading pairs and may delist selected spot trading pairs due to various factors.
Will There Be a Correction?
Although there has been some pullback in the crypto market, the likelihood of the removal of GBP spot pairs causing a correction in the crypto market is seen as very low. The majority of trading volumes in large exchanges come from stablecoins and USD pairs.
On the other hand, the BTC price has maintained a sideways trend in the last 24 hours ahead of significant US PCE inflation data. Due to the decline in trading volumes, the price continues to trade below $44,000. Meanwhile, in the last 24 hours, the BTC price has fluctuated between a low of $43,387 and a high of $44,367.
Altcoins are moving within a relatively stronger structure than Bitcoin. Nevertheless, expectations for a Santa Claus rally have increased amidst the hype of spot Bitcoin ETF approval.
