The post Binance to Delist Bitcoin (BTC) Margin Trading Pairs Including DGB, TLM, and VOXEL appeared on BitcoinEthereumNews.com.

Binance has disclosed a significant decision regarding its margin trading offerings. The exchange will remove several margin trading pairs with Bitcoin (BTC) as the quote currency. The move is expected to impact traders who leverage BTC’s stable value for trading less liquid tokens. Binance announces the removal of key crypto margin trading pairs using Bitcoin as the quote currency, impacting several altcoins and their trading strategies. Key Details on Binance’s Margin Trading Delisting Binance, a major player in the cryptocurrency exchange arena, will delist specific margin trading pairs that use Bitcoin (BTC) as the quote currency. The affected pairs are set for removal on July 8, 2024, impacting both cross and isolated margin trading. Notably, cryptocurrencies like DigiByte (DGB), Alien Worlds (TLM), and Voxies (VOXEL) are among the affected. Specific Pairs Targeted and Their Trading Implications The delisting will remove the DGB/BTC and TLM/BTC pairs from both cross and isolated margin categories, while the VOXEL/BTC pair will be excluded from the isolated margin category. As per Binance’s notice, starting at 06:00 a.m. UTC on July 7, 2024, isolated margin borrowing for the impacted pairs will cease. Subsequently, at 06:00 (UTC) on July 8, Binance Margin will automatically close existing user positions, process settlements, and cancel all pending orders related to these pairs, ultimately removing them from margin trading. The Role of Bitcoin as the Quote Currency In trading pairs, the quote currency is used to price the base currency. Here, Bitcoin serves as the quote currency, meaning that other assets like DGB, TLM, and VOXEL are traded against Bitcoin’s value. This structure is vital for traders who use Bitcoin as a stable comparative measure against more volatile cryptocurrencies. Therefore, removing these pairs could limit traders’ options for using Bitcoin as a benchmark. Exchange Recommendations to Mitigate Losses Binance has urged…

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Filed under: News - @ July 5, 2024 8:20 am