Among the 30 trading pairs delisted from Binance’s platform is Justin Sun’s BitTorrent cryptocurrency (BTT) (BTT).
Because BitTorrent was the first project to launch on Binance’s Initial Exchange Offering (IEO) platform, Binance Launchpad, on January 28.
The BTT IEO was a major success for both the exchange and BitTorrent and TRON CEO Justin Sun, as it reached its hard ceiling of $7.1 million in just 15 minutes. It’s also conceivable to suggest that it created the IEO craze, which has since subsided.
Binance Removed IEO Tokens
A statement from the cryptocurrency exchange stated that it would remove the following trading pairings from its site. Binance confirmed it.
The following currencies received support: “ANKR/PAX, ANKR/T USD, ANKR/USDC,” “BCPT/PAX, BCPT/T USD, BCPT/USDC,” “BTT/BTC,” “DENT/BTC,” “ERD/PAX,” “ERD/USDC,” “FTM/PAX,” “FTM/T USD,” “LUN/ETH,” “NCASH/BNB,” “NPXS/BTC,” “ONE/
One of the reasons provided by Binance for withdrawing support for the cryptocurrency pairs indicated above is an endeavor to improve the trading platform’s overall user experience and liquidity.
Furthermore, the exchange asserted that the majority of the project teams whose token trading pairs delisted and requested that Binance remove their tokens from the exchange’s platform.
Among the 30 delisted token pairs are BitTorrent, Elrond, Harmony, and WINk, to name a few (WIN).
The recent poor success of Initial Coin Offerings (IEOs) on the Binance Launchpad platform, like the disappointing token sale of the Perlin project, could be one possible cause for the current decision.
It is crucial to note that just the BTT/BTC trading pair removes from Binance’s platform. While the other BitTorrent trading pairings (USDT/BTT and BNB/BTT) are still in place.
Exciting Beginnings and Disappointing End
BitTorrent’s price soared from $0.0005 on February 1 to $0.0018 on May 29, a tenfold increase in one month.
It rolls over, falling to $0.00042 as of today, prior to Binance’s recent announcement. And it expects to continue to do so.
Following the announcement by the cryptocurrency exchange that it will be delisting the BTT/BTC trading pair. BitTorrent’s price plummeted, falling below $0.00039 in a matter of hours and plummeting below $0.00039 in a matter of days. As of the time of writing this post, the coin recovered to a value of approximately $0.00041.