Binance to Delist 7 Spot Trading Pairs Including LTC and SUI — What Traders Need to Know

In its latest round of market cleanup, Binance intends to delist seven spot trading pairs that involve assets such as Litecoin, Sui and others. Trading for F/USDC▲$0.9999, HIVE/USDC, ILV/USDC, LTC▲$44.99/BNB▲$572.56, NMR/USDC, STEEM/USDC and SUI▲$0.7718/BNB pairs opened on August 21, 03:00 (UTC).

This does not amount to a full delisting of LTC, SUI, BNB, and the other affected tokens, as Binance is only delisting their quote pairs, not the underlying assets, from its spot market. Users can therefore continue to buy and sell the affected cryptocurrencies through other trading pairs on the exchange.

Binance checks the markets where it operates periodically and closes the trading pair when, for example, the market does not meet the <a href="https://xpertsstudio.com/btc-extends-gains-above-71000-as-liquidity-conditions-improve/” title=”BTC extends gains above $71,000 as liquidity conditions improve”>liquidity and trading volume requirements of the exchange. The rationale is that closing thinner markets can shift trading to deeper order books, while traders are still able to trade the asset in other quotes.

The five remaining pairs use USDC as the quote asset. These are F/USDC, HIVE/USDC, ILV/USDC, NMR/USDC, and STEEM/USDC. Two cryptocurrency pairs, LTC/BNB and SUI/BNB, consist of Litecoin and Sui, respectively, paired with BNB. This step does not remove Litecoin or Sui from Binance, only other ways of trading these tokens on the cryptocurrency exchange.

That distinction is particularly relevant to LTC and SUI holders, as Litecoin is a relatively mature proof-of-work coin and Sui is the native asset of a high-throughput execution Layer 1 blockchain. By contrast, neither asset disappears from Binance simply because one BNB-denominated market is being closed. Traders may still trade the corresponding asset pair supported in another currency.

The exchange will deactivate Spot Trading Bots on the seven affected pairs, and any users with trading algorithms operating on affected markets will have to check their trading logic and make changes to their settings to halt trading. Orders and settings for any such strategies will not function normally on affected pairs, as the order book for the pair has been removed.

Users should also be aware that checking open orders, automatically subscribed strategies, and preferred quote currency before the cut-off is key. If you are trading F, HIVE, ILV, NMR or STEEM with USDC markets, or LTC and SUI with BNB markets, you will have to switch to another trading pair with the same currency, but keep in mind differences in liquidity, spreads and execution price.

This also means that the price in a closing pair should not be understood as the price on other order books, as pricing is still determined independently on each underlying order book. Users should check the condition of the market when switching to another quote asset before placing replacement orders, especially for automatic execution.

The delisting is better understood as a market-structure change than as an indication that the seven underlying assets are leaving Binance, as the delisted pairs only remove their order books, while other markets for those tokens may still exist.

Unless otherwise announced by Binance, August 21 will only see the closure of these seven trading routes and the bot infrastructure that supports them.

Source: bitcoinfoundation.org