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Tuesday, November 24, 2020

Binance crypto exchange delists its BNB token in Uganda

  • Binance Uganda noted that it would halt BNB deposits on September 10.
  • BNB withdrawals are set to continue until November 6.
  • Per Binance Uganda, it delisted BNB because the coin did not have sufficient trading volume.

Binance, the world’s largest crypto exchange is planning to delist its token, BNB, for trading against the Uganda Shilling (UGX). The exchange unveiled this news on September 9 through an official announcement, noting that the Binance Uganda platform decided to delist and stop trading on all trading pairs for Binance Coin (BNB). Per the publication, the exchange will remove the BNB/UGX trading pair from its platform on September 17.

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In the announcement, Binance noted that it would terminate BNB deposits on September 10. On the other hand, withdrawals will still be available on the platform until November 6. The exchange, however, provided little information regarding its reasons for delisting the coin. It only said that the coin did not meet its trading standards. This is because BNB allegedly failed to garner enough trading volume and liquidity, per the exchange’s statement.

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The exchange said,

“At Binance.co.ug, we periodically review the trading volume and liquidity of the assets we list to make sure our high level of standard is met. Unfortunately, when this trading standard is not met, their performance is subject to review and may result in the delisting of the coin or token.”

Binance continues with expansion plans

This news comes after Binance collaborated with The Sandbox, a decentralized gaming platform. A report unveiled this news on September 8, noting that the exchange purchased 4,012 LAND NFT tokens form the gaming platform before the fourth sale of LAND pre-sale in the games’ metaverse, which is set to commence on September 15. This collaboration reportedly came after The Sandbox recently completed a token sale that saw it raise £2.3 billion through Binance Launchpad.

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