In an abrupt move, Binance South Africa announced on 31. March that all South African Rand (ZAR) trading pairs will trade on the 2nd. April is dropped from the list. The crypto-currency exchange added in a statement that all trade orders will be automatically executed after 10:00 UTC on the 1st. April in any respectable trading pair. The funding ends with a request to users to withdraw all funds by the deadline of 10:00 UTC.
TheZAR does not correspond to thestandard.
In support of this decision, Binance South Africa says it regularly reviews each listed digital asset to ensure it continues to meet the high standards we expect. The email adds that if the token no longer meets this standard or if the industry evolves, a decision will be made to remove this digital asset.
Meanwhile, according to Binance, in a strong hint that ZAR trading pairs is doing a thorough review :
Based on our recent reviews, we have decided to delist all ZAR trading pairs on 1 April 2021 at 10:00 UTC and cease all activity.
The exact trading pairs being removed are USDT/ZAR, BTC/ZAR, ETH/ZAR, BUSD/ZAR and BNB/ZAR, the press release said. However, the email states that South African users can still trade these assets in other trading pairs available on Binance.
Meanwhile, not everyone is happy with Beans’ explanation for the drop in the ZAR currency pair. For example, a local report shows that in the rush to publish the announcement, a common delisting model was (used). However, the report also quotes an anonymous Angel Financial Africa suggesting that the platform’s low liquidity at the pump is the reason for the decision. It is assumed that the lack of a ZAR deposit function exacerbates the problem.
On Twitter, some users have expressed surprise at the decision, which they consider controversial. They rely on a Chainalysis report that places South Africa in the top 10 countries in the world for cryptocurrency adoption, and say it therefore makes no sense for Binance to exclude CAR pairs from the list.
Do you agree with Binance’s reasoning for removing ZAR trading savings? Tell us what you think in the comments below.
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