Binance set to ban few altcoins for its new US platform, and those currencies have already started seeing their trade volume decline rapidly. Around seven months ago Binance announced thirty cryptocurrencies that it was considering listing on the new US exchange.
Binance is one of the world’s leading cryptocurrency exchange platforms and has a huge influence on the crypto markets through its policies. Therefore if Binance blocks its US users from trading these cryptocurrencies, their trading volume will decline significantly. This is evident, as statistics show that US traders account for more than one-third of all traffic.
Binance’s announcement of cryptocurrencies under consideration saw the absence of some leading altcoins, including Monero (XMR). This was a cause of great concern for that and other cryptocurrencies that are not being listed on Binance’s platform.
The effect of Binance’s announcement can be seen through the trade activity of those cryptocurrencies. We can get a clear idea by assessing the crypto-to-Bitcoin (BTC) pair’s trade volume. Some notable cryptocurrencies are as such:
- BitShares (BTS) and Golem (GNT) each only had twelve (12) BTC in trade volume.
- Nucleus Vision (NCASH) had forty-three (43) BTC in trade volume.
- WINK (WIN) one of Tron’s latest dApps had almost five (4.87) BTC in trading volume.
The approved list so far contains Waves (WAVES), Zilliqa (ZIL), Basic Attention Token (BAT) and Nano (NANO). Moreover, Binance’s US branch will be headed by Catherine Coley, who is a former liquidity management expert at Ripple Labs.
Cryptopolitan has previously covered news about Catherine Coley Binance US that can be viewed here.
Many cryptocurrencies are being kicked out of US markets. This may cause these cryptos to fall to irrelevance. Maybe we are finally having the “altcoin purge” that expected to occur last year. The cryptocurrencies having regulatory and functional problems may die out too.