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Binance Uganda delists native crypto coin BNB



Image Source: Pixabay

A month after Binance Uganda, which is the Binance cryptocurrency exchange’s African wing, delisted ETH and LTC, it has now announced to delist the parent company’s very own native crypto, the Binance Coin (ticker: BNB).

The move came after Binance Uganda periodically reviewed trading volume and liquidity of all its cryptocurrencies during which BNB coin did not meet Binance Uganda exchange’s trading standards, which resulted in the delisting of BNB. Moreover, the release stated that the coin was also subjected to a performance review before the exchange decided to delist the coin. 

The company announcement further stated that the exchange decided to remove the trading pair BNB/UGX and that the deposits of BNB would be closed on 10 September from 10:00 AM local time. Additionally, Binance Uganda said that withdrawals of BNB from the exchange would continue to be supported until 6 November 2020 at 10:00 AM East Africa Time. According to the announcement:

While the exchange needs to stay fresh, it should look after its core offering too. Based on our most recent reviews, we have decided to delist and cease trading on all trading pairs for the Binance Coin (BNB) at 10:00AM EAT 2020/09/17. 

The current BNB price was $23 at press time.

Image Source: Trading View

Recently, the parent organization, Binance launched its first Automated Market Maker pool called Binance Liquid Swap which according to CEO Changpeng Zhao was a move to jump into the DeFi movement. 

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Alisha is a full-time journalist at AMBCrypto. Her interests lie in blockchain technology, crypto-crimes, and market developments in Africa and the United States