In a recent announcement, cryptocurrency exchange Binance has decided to eliminate two trading pairs, COS/BTC and FXS/BTC, effective November 8, 2024, at 06:00 Turkey time. This action stems from Binance’s ongoing assessment of trading pairs to maintain a robust trading environment by removing those that do not meet liquidity or volume thresholds.
What Happens to Users After Pair Removal?
Users on Binance can continue trading the assets related to the COS/BTC and FXS/BTC pairs using alternative pairs available on the platform. The discontinuation specifically affects those two trading pairs, and customers can still manage these assets through other options to maintain their trading strategies.
Moreover, Binance will stop all active Spot Trading Bots linked to the affected pairs on the same date. To mitigate potential losses, users are urged to either update or stop their Spot Trading Bots ahead of this change.
How Should Users Prepare for This Change?
In light of the upcoming removal, Binance has advised users to audit their Spot Trading Bots prior to November 8, 2024. It is essential for traders dealing with spot trading pairs to examine their positions and take appropriate action to ensure they are not adversely affected.
Interestingly, despite the announcement, both COS and FXS coins are experiencing price increases. COS has seen an uptick of 7.29% in the last 24 hours, now priced at $0.006817, while FXS has climbed by 10.33%, trading at $1.82.
- Binance is set to remove COS/BTC and FXS/BTC trading pairs.
- Users can trade assets through alternative pairs.
- Active Spot Trading Bots related to these pairs will cease functioning.
- Price of COS and FXS coins has risen despite the removal announcement.