Major Binance Announcement Concerning Many Altcoins Including Ripple and Cardano

TL;DR

• Binance expanded its margin trading options, adding several new pairs and borrowable assets.
• The additions had minimal impact on the prices of the affected tokens.

The world’s leading cryptocurrency exchange – Binance – added ADA/USDC, AVAX/USDC, MATIC/USDC, and XRP/USDC as new cross-margin pairs, and ACM/USDT, AVAX/USDC, FIO/USDT, IQ/USDT, NEXO/USDT, and QKC/USDT as new isolated margin pairs.

It also embraced AC Milan Fan Token (ACM), FIO Protocol (FIO), and IQ (IQ) as new borrowable assets on cross and isolated margin.

“Binance Margin strives to enhance user trading experience by continuously reviewing and expanding the list of trading choices offered on the platform, allowing for greater diversification of user portfolios and flexibility with trading strategies,” the firm stated.

Listing certain cryptocurrencies on a major exchange like Binance could increase their perceived legitimacy and accessibility, driving up investor demand and positively impacting their valuation. 

Nonetheless, this is usually observed when a digital asset is first listed on the platform. In this particular case, the tokens were already traded on Binance, which might explain why their prices have shown little-to-no volatility after the announcement. 

This is not the first listing/delisting spree by the company since the beginning this year. Earlier this month, it terminated trading services with Monero (XMR), (XMR), Aragon (ANT), Multichain (MULTI), and Vai (VAI).

Most recently, Binance said it will cease support for BNBUP/USDT, BNBDOWN/USDT, ETHUP/USDT, ETHDOWN/USDT, and other leveraged token pairs at the beginning of April. 

The aforementioned assets, which caused huge controversy in their early days in 2020, are primarily designed for short-term trading.

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