Binance Listing Curiosity: Is the Exchange Switching Tactics?
TL;DR
- Binance is seemingly adopting a new strategy by listing certain assets for futures but not spot trading.
- The exchange recently settled a $4.3 billion fine with the US DOJ and underwent a leadership change, with Richard Teng replacing CEO Changpeng Zhao.
- Binance’s recent delisting of several cryptocurrencies, including BitShares and Tornado Cash, due to low activity and volume, has led to substantial price declines for these assets.
Binance is Expected to Continue Operating a ‘Similar Model’
The popular reporter using the X (Twitter) handle Wu Blockchain observed an interesting tactic that the world’s largest cryptocurrency – Binance – might have adopted.
He revealed that the marketplace had listed certain digital assets for futures trading but not spot. Those include KAS, BSV, PYTH, BONK, ORBS, BIGTIME, TOKENFI, and ETHW, with Wu Blockchain describing the move as a “new phenomenon” in Binance’s listing process.
“Analysis pointed out that the core reason is that this can earn fees without taking on excessive responsibilities. Contract users have a strong tolerance for ups and downs, while spot users will criticize the price drop,” the reporter said.
In addition, the reporter claimed there are cryptocurrencies like Blur (BLUR) that “have been alive for a long time, then the spot launched.”
He explained that futures trading is much simpler than spot one as it does not involve holding tokens or “technical matching.” In their view, Binance would continue to operate in such a way in the future.
Binance’s Recent Turbulence
The exchange has recently passed through some challenging times after settling money-laundering charges with the US DOJ and agreeing to pay a whopping $4.3 billion fine. It also saw Changpeng Zhao (CZ) stepping down as a CEO, while his post was taken by Richard Teng.
A few days later, Binance announced that it would delist BitShares (BTS), PERL.eco (PERL), Tornado Cash (TORN), and Waltonchain (WTC) due to reduced level of development activity, low trading volume and liquidity, and other reasons. The amendments will become effective on December 7.
The affected crypto assets have been negatively affected by the news, with their prices nosediving by double digits. TORN has crashed almost 50% on a weekly basis, while PERL has dipped 60%.
The post Binance Listing Curiosity: Is the Exchange Switching Tactics? appeared first on CryptoPotato.
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Binance Listing Curiosity: Is the Exchange Switching Tactics?
TL;DR
- Binance is seemingly adopting a new strategy by listing certain assets for futures but not spot trading.
- The exchange recently settled a $4.3 billion fine with the US DOJ and underwent a leadership change, with Richard Teng replacing CEO Changpeng Zhao.
- Binance’s recent delisting of several cryptocurrencies, including BitShares and Tornado Cash, due to low activity and volume, has led to substantial price declines for these assets.
Binance is Expected to Continue Operating a ‘Similar Model’
The popular reporter using the X (Twitter) handle Wu Blockchain observed an interesting tactic that the world’s largest cryptocurrency – Binance – might have adopted.
He revealed that the marketplace had listed certain digital assets for futures trading but not spot. Those include KAS, BSV, PYTH, BONK, ORBS, BIGTIME, TOKENFI, and ETHW, with Wu Blockchain describing the move as a “new phenomenon” in Binance’s listing process.
“Analysis pointed out that the core reason is that this can earn fees without taking on excessive responsibilities. Contract users have a strong tolerance for ups and downs, while spot users will criticize the price drop,” the reporter said.
In addition, the reporter claimed there are cryptocurrencies like Blur (BLUR) that “have been alive for a long time, then the spot launched.”
He explained that futures trading is much simpler than spot one as it does not involve holding tokens or “technical matching.” In their view, Binance would continue to operate in such a way in the future.
Binance’s Recent Turbulence
The exchange has recently passed through some challenging times after settling money-laundering charges with the US DOJ and agreeing to pay a whopping $4.3 billion fine. It also saw Changpeng Zhao (CZ) stepping down as a CEO, while his post was taken by Richard Teng.
A few days later, Binance announced that it would delist BitShares (BTS), PERL.eco (PERL), Tornado Cash (TORN), and Waltonchain (WTC) due to reduced level of development activity, low trading volume and liquidity, and other reasons. The amendments will become effective on December 7.
The affected crypto assets have been negatively affected by the news, with their prices nosediving by double digits. TORN has crashed almost 50% on a weekly basis, while PERL has dipped 60%.
The post Binance Listing Curiosity: Is the Exchange Switching Tactics? appeared first on CryptoPotato.
Read More
Official Update in the Ripple Vs. SEC Lawsuit: Is Settlement Next?