The cryptocurrency exchange Binance announced the upcoming termination of support for three digital assets, leading to a sharp drop in their market prices. This article reviews the details of this decision and its implications for the market.
Delisting Trading Pairs
Binance has notified the cessation of all trading pairs involving BakerySwap (BAKE), Hifi Finance (HIFI), and Self Chain (SLF). The delisting date is set for September 17, with the pairs involving BAKE set to cease trading on September 10. "The trading pair(s) of the aforementioned token(s) will be removed. All trade orders will be automatically removed after trading ceases in each respective trading pair," the company explained.
Market Impact
Following the announcement of the delisting, BAKE experienced a 26% loss, dropping to around $0.05, marking its lowest point since early 2021. HIFI fell by 22%, while SLF declined by 23%. Such announcements often lead to decreased liquidity and reputational damage for the affected assets.
Recent Events on the Exchange
Recently, Binance also alerted users about a scam involving fake support calls that could threaten security. Binance CEO Richard Teng stated that the company will never ask users for their passwords or credentials over the phone. Additionally, the exchange temporarily halted futures trading due to a technical issue, but operations were restored in less than an hour.
The termination of support for the three cryptocurrencies illustrates Binance's strict asset review and the consequences of such an approach for the market. Users should be cautious and stay informed through the exchange’s announcements.
