Binance Uganda which is an East African branch of the largest global exchange, Binance has recently announced that it is delisting Binance Coin. Binance Coin is a native token of the exchange and it will be delisted from this branch on September 17.
According to this East African branch, whenever they list any asset on their platform, they review the trading volume as well as the liquidity of the assets. This process is to make sure whether the asset is able to meet their standards or not. Whenever any asset is not able to meet this standard, they are sent for a review and might result in delisting the coin.
Binance Uganda states the reason behind delisting BNB
Binance Uganda has clarified that the reason behind delisting BNB token is because it was unable to meet the standards of the exchange. The announcement stated, “Based on our most recent reviews, we have decided to delist and cease trading on all trading pairs for the following token at 10:00 AM EAT 2020/09/17: Binance Coin (BNB).”
A particular trading pair has also been specified in the announcement i.e. BNB/UGX. The firm will continue the withdrawals of BNB until October 06. However, the deposits for the BNB token will be stopped by Binance Uganda on September 10 only.
The exchange giant recently jumped on Defi bandwagon
Recently, it was reported that crypto exchange giant, Binance has also launched Binance Launchpool which is a Defi platform, allowing users to farm new assets. The major reason for launching this launchpool is the increase in interest in the Defi sector. CZ Binance, CEO of Binance has said that “the potential of DeFi is accelerating at an outstanding rate, along with its adoption among the crypto ecosystem.”