Crypto exchange giant Binance has recently taken decisive steps to both streamline its platform offerings and provide substantial support to the cryptocurrency market following a significant downturn. These actions highlight the exchange's commitment to adapting to market conditions and fostering recovery within the broader crypto ecosystem.
Streamlining Trading Offerings
Binance announced the impending removal of six specific spot trading pairs, effective October 17 at 3:00 a.m. (UTC). These pairs include ANKR/BTC, BOME/EUR, DATA/BTC, HOME/BNB, SHELL/BNB, and SPK/BNB. The decision to delist these pairs stems from various factors, primarily citing poor liquidity and trading volume. It's crucial for users to note that this delisting applies only to the specific trading pairs and does not affect the availability of the underlying tokens on the exchange. Furthermore, all associated Trading Bots services for these pairs will also be terminated on the same date.
The "Together Initiative" for Market Recovery
In a major move to bolster market confidence and aid in recovery after a recent $19 billion crypto liquidation event, Binance has launched a $400 million "Together Initiative." This comprehensive program is divided into two distinct phases, targeting both individual users and institutional players severely impacted by the market crash. The first phase allocates $300 million in USDC to eligible users who suffered forced liquidation losses across Futures and Margin trading between October 10 and 11. To qualify, a user's total liquidation loss must be at least $50 and represent a minimum of 30% of their overall net assets, based on a snapshot taken on October 9. Qualified users can expect to receive between $4 and $6,000 in USDC. Concurrently, the second phase establishes a $100 million low-interest loan fund, designed to support ecosystem and institutional users who were significantly affected by the market sell-off, helping them to restart their trading operations and regain stability.
