Binance, one of the world’s largest cryptocurrency exchanges, has announced plans to remove certain BTC-backed margin trading pairs, causing a stir in the crypto market. The delisting, which affects six tokens—C98, IDEX, FIS, MBOX, REN, and TKO—has sparked concerns about potential price declines for these assets.
On November 20, Binance revealed it would be removing specific BTC-pegged Cross and Isolated margin pairs from its platform. The delisting is set to take effect on November 27 at 06:00 UTC, when pairs including C98/BTC, IDEX/BTC, FIS/BTC, MBOX/BTC, REN/BTC, and TKO/BTC will be removed from both Cross and Isolated margin trading.
The announcement has already had a bearish impact on the affected tokens, with prices of C98, IDEX, FIS, MBOX, REN, and TKO slipping by 1% to 4% in the hours following the news.
In addition to the delisting, Binance outlined a series of restrictions for the impacted assets. Effective immediately, users will no longer be able to transfer assets of the affected pairs into their Isolated Margin accounts, and starting November 21, the exchange will stop allowing isolated margin borrowing for these pairs. On November 27, all open positions will be closed, pending orders canceled, and an automatic settlement process will be initiated. However, users will still be able to trade these tokens on Binance’s spot trading platform.
This move has contributed to a growing sense of bearish sentiment in the market, with traders concerned that the reduced trading options for these tokens could lead to further price slumps.
Affected Tokens Show Price Declines
As of the latest market data, C98 has fallen 2% to $0.1459, with its 24-hour low and high ranging from $0.142 to $0.1518. IDEX dropped 1%, trading at $0.04033, while FIS slipped 2%, sitting at $0.3464. MBOX experienced a 4% decline, now priced at $0.1875, and REN saw a 6% drop, falling to $0.04049. TKO also saw a 1% decrease, trading at $0.315.
The price action suggests that the market is reacting negatively to the delisting announcement, with traders likely anticipating further declines as Binance reduces support for these assets. The move follows a similar pattern seen in October, when Binance delisted several other tokens, which also experienced price declines in the aftermath.
With fewer options available for margin trading, these tokens could face additional volatility, and the broader market sentiment remains cautious as the situation develops.
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