As a sudden move, South Africa’s Binance announced on March 31 that all South African Rand (ZAR) trading pairs will be delisted on April 2. The cryptocurrency exchange added in a statement: “After April at 10:00 UTC, all trading orders will be automatically deleted. 1 in each trading pair.” Binance’s summary is to require users to withdraw all funds before the UTC 10.00 deadline.
ZAR no longer meets the standard
In justifying the decision, Binance South Africa stated that “it will regularly review each digital asset we list to ensure that it continues to meet the high standards we expect.” The email also added that when “ When the brand no longer meets this standard or the industry changes”, a decision will be made to delete such digital assets.
At the same time, Binance strongly hinted that the ZAR trading pair failed the in-depth review. He said:
According to our latest review, we have decided to cancel and stop trading of all ZAR trading pairs at 10:00 UTC on April 1, 2021.
According to the statement, the exact trading pairs to be deleted include USDT/ZAR, BTC/ZAR, ETH/ZAR, BUSD/ZAR and BNB/ZAR. The email still states that users in South Africa can still use “assets in other trading pairs” to trade on Binance.
At the same time, not everyone is satisfied with Binance’s explanation of deleting the ZAR trading pair. For example, a local report speculated that “a general delisting template was used to issue announcements in emergency situations.” However, the report also cited an unnamed “Binance Africa Angel”, who suggested that “the platform’s low liquidity in currency pairs was the reason for this decision.” The lack of ZAR deposit function is considered “Intensified the problem.”
On Twitter, some users were surprised by what they considered a contradictory decision. According to a Chainalysis report (listing South Africa as one of the “top ten countries adopting cryptocurrencies in the world”), users believe that Binance’s cancellation of ZAR is meaningless.
Do you agree with Binance’s reason for canceling the ZAR trading pair? Tell us what you think in the comments section below.
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