Key conclusions
- Following Binance’s recent delisting of a trading pair containing Shiba Inus. Some individuals were concerned that the SHIB cryptocurrency was being removed. The cryptocurrency SHIB has no intention of vanishing and will continue to be traded. In the 2022 cryptocurrency rankings, only Ethereum and bitcoin attracted more attention than the meme coin.
- Since the company withdrew from an arrangement made at the last minute to preserve FTX before it filed for bankruptcy, the cryptocurrency exchange has been in the news.
- It intends to increase its employees despite criticism from many groups and the collapse of major cryptocurrency exchanges.
The recent year has seen a lot of coverage on the bitcoin sector due to many remarkable disasters and explosions. Binance, one of the few cryptocurrency exchanges, has so far stayed clear of any major issues.
Although Binance just delisted a Shiba Inu trading pair, this is far from the exchange’s most noteworthy event. We’ll look at Binance’s condition as it wants to grow even if the rest of the cryptocurrency market is still recovering from the FTX collapse. (Additionally, find out how to utilize Q.ai to buy bitcoin even if you have no experience.)
What’s going on with Binance delisting Shiba Inu?
Immediately alarming rumours that Binance had delisted Shiba Inu caused several users to react negatively. Further investigation reveals that they are only delisting on a select few trade pairs, one of which includes the cryptocurrency SHIB.
Describe Shiba Inu.
SHIB is the dominant token in the Shiba Inu ecosystem. The meme currency now has a 6% increase in market valuation, ranking it 16th out of all cryptocurrencies. The cryptocurrency made its debut in August 2020 as a Dogecoin substitute built on top of the Ethereum network. Elon Musk’s article about wanting to buy a Shiba dog triggered a cryptocurrency frenzy. Which in turn helped the joke coin gain popularity. Ethereum developer Vitalik Buterin donated 50 quadrillion Shiba Inu coins to an Indian COVID-19 relief fund.
Pairs delisted from Binance
The following trading pairs were officially removed from the crypto exchange as of Jan. 6, 2023:
- APE/GBP
- BLZ/ETH
- CAKE/GBP
- ICX/ETH
- SHIB/GBP
- ZEN/BNB
Binance did not justify the discontinuation of specific trading pairs in the official statement. However, some sources claim that the SHIB/GBP was delisted because of weak liquidity. The SHIB/USDT transaction combination has one of the highest trading volumes on the Binance platform, at $30.5 million.
Binance recently revealed that this cryptocurrency will rank third in popularity in 2022. Only after Ethereum and BitcoinBTC, which was wonderful news for Shiba Inu aficionados. It’s uncommon to see a lesser cryptocurrency become one of the most popular tokens on the platform, but trade volume for the meme coin that was heralded as a “Dogecoin killer” suddenly increased.
With 91.57 trillion tokens worth around $797.57 million distributed across four different wallets, Binance now holds 16% of the total circulating supply of Shiba Inu. The popular meme money will endure.
Shiba Inu’s investing is still an option.
You may still invest in this meme coin on the Binance platform as just one trading pair was removed. You may buy Shiba Inu with a credit card, a bank account that is linked to it, or by swapping another cryptocurrency for it.
As always, before investing in a speculative asset like bitcoin, we suggest you do your study. Shiba Inu is a good example. It gained popularity during the months of the outbreak as enthusiasts came together on social media to attempt and increase its worth, but has since experienced a steep decline.
The most recent Binance news
Binance has been featured in the press quite a bit since the demise of the cryptocurrency exchange FTX. Initially agreeing to a rescue acquisition, They eventually withdrew their consent due to regulatory issues and possible legal ramifications with FTX. The following information has been known as a result of the discovery that Binance.us was purchasing Voyageur to stop it from declaring bankruptcy.
The latest recent information about Binance and the cryptocurrency market is provided here.
A hiring spree has been launched by Binance
At a business conference in Switzerland on January 11, 2022, CEO Changpeng Zhao, often known as CZ, announced that the exchange intended to add 15% to 30% more staff in 2023 to better position itself for the expected next bull market. This is fantastic news since, although other exchanges have already grown their personnel numbers from 3,000 to over 8,000 in 2022, the exchange has announced layoffs.
Zhao openly acknowledged that Binance was “not tremendously efficient” at the time. And they used this to support the need for additional staff. Zhao also talked about his belief that the industry won’t be impacted by FTX’s downfall since the company wasn’t important enough to have such an impact, in his opinion.
Binance may run into problems with the US Department of Justice
The Department of Justice is debating how to proceed with CZ and the largest bitcoin exchange in the world, according to officials who talked to Reuters. Unauthorized money transfers, a money laundering conspiracy, and violations of criminal penalties are the charges under investigation. It is believed that a criminal probe would destroy the cryptocurrency market because Binance is the most popular exchange by volume and the crypto market has been struggling for the past year.
The investigation has reportedly been continuing since 2018. And the DOJ is unclear on how to proceed because several agencies can’t agree on the best course of action. Binance has hired Kendall Day, an attorney with the Gibson Dunn law firm, to manage discussions with the DOJ. One of the outcomes of the probe might be plea bargains with penalties to settle matters outside of court.
Binance fiercely refuted these charges in response. The statement that is connected to the following tweet reads, “Reuters is wrong again. They are presently focusing on our top-notch law enforcement personnel. A team that we are quite happy with his enhanced cryptography security for all users.
It’s significant to note that Binance closed transactions reaching close to $1.6 trillion in October, which represents half of the market’s overall trading volume. This suggests that the outcomes would be disastrous if something were to happen to the trading platform.
Binance is bleeding assets
After consumers net withdrew $360 million on the first Friday of 2023, it was revealed in an exclusive interview with Forbes that Binance is now having problems hanging onto its assets. There was no comment from Binance to the reports that more than 25% of its assets had left the exchange in less than two months. Currently, investors are experiencing issues with Binance’s reputation.
Binance: The failing crypto exchange Voyager is being bought by the US.
We noted how the arrangement for Binance.US to pay $1.022 billion for the assets of Voyager Digital was still pending bankruptcy court approval in our piece from January. The bankrupt cryptocurrency exchange received the initial approval for the transaction to proceed. The deal with Binance.US asks for a $20 million cash payment in addition to the transfer of client funds from Voyager users to the exchange run by Binance.cryptocurrency US. Voyager had initially intended to sell its assets to FTX before that company’s bankruptcy in December 2022.
It’s vital to remember that Binance.US is located in Palo Alto, California, and is entirely independent of the main Binance exchange. Binance.US is designed for Americans who want to use the Binance platform legally, which is the main difference between the exchanges. To comply with U.S. legislation, Binance.US lacks some of the features that the international version of the Binance exchange offers. It’s crucial to remember that both platforms offer affordable fees, and on the Binance.US platform, individual investors have access to a lot of liquidity.
The bottom line
The stakes for this platform are higher than ever because Binance accounts for almost 75% of all cryptocurrency transactions worldwide. The profitability of cryptocurrency investments cannot be guaranteed. The most recent occurrences have shown us how susceptible every bitcoin exchange, lender, and cryptocurrency kind is. As many people monitor Binance to see how the cryptocurrency exchange handles the current situation following the failure of FTX, we’ll keep an eye on the news.
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