Cryptocurrency exchange Binance announced today that it had delisted 30 trading pairs from its platform, including one for Justin Sun’s BitTorrent (BTT).
Binance’s announcement comes as a surprise since BitTorrent was the first project to launch on the crypto exchange’s Initial Exchange Offering (IEO) platform, Binance Launchpad, on 28 January.
Reaching its hardcap of $7.1 million in less than 15 minutes, the BTT IEO had been a massive success for both the exchange and BitTorrent and TRON CEO Justin Sun. It’s also perhaps safe to say that it gave birth to the IEO hype which has been slowly fading in the past few months.
Binance Gets Rid of Multiple IEO Tokens
According to Binance’s announcement, the cryptocurrency exchange is delisting the following trading pairs from its platform:
“ANKR/PAX, ANKR/TUSD, ANKR/USDC, BCPT/PAX, BCPT/TUSD, BCPT/USDC, BTT/BTC, DENT/BTC, DOGE/PAX, DOGE/USDC, ERD/PAX, ERD/USDC, FTM/PAX, FTM/TUSD, FUEL/ETH, GTO/PAX, GTO/TUSD, GTO/USDC, LUN/ETH, NCASH/BNB, NPXS/BTC, ONE/PAX, ONE/TUSD, PHB/PAX, PHB/USDC, TFUEL/PAX, TFUEL/TUSD, TFUEL/USDC, WAVES/PAX, WIN/BTC.”
Binance stated that the reason for getting rid of the above-mentioned cryptocurrency pairs is to improve the user experience and the liquidity of its trading platform.
Furthermore, the exchange claimed that most of the project teams whose token trading pairs had been delisted had requested so from Binance.
Surprisingly, the 30 delisted token pairs include IEO tokens that were launched on Binance Launchpad, including BitTorrent, Elrond (ERD), Harmony (ONE), and WINk (WIN).
One possible reason for the current decision could be the recently low-performing IEOs on the Binance Launchpad platform, including the disappointing token sale of the Perlin project.
It is important to note that Binance removes only the BTT/BTC trading pair from its platform while the other BitTorrent trading pairs (USDT/BTT, BNB/BTT) remain untouched.
BitTorrent’s Promising Start and Downfall
Soon after its IEO, BitTorrent’s price had started trending upwards and increased its price from $0.0005 on 1 February right to $0.0018 on 29 May.
Since then, the cryptocurrency’s price has rolled over, falling to $0.00042 as of today, before Binance’s recent announcement.
After the cryptocurrency exchange announced that it is delisting the BTT/BTC trading pair, BitTorrent’s price has crashed notably, falling below $0.00039 in a matter of a few hours. As of writing this article, the cryptocurrency has managed to recover to nearly $0.00041.