Binance has published a notice on its official website, informing all traders that it will remove FTT spot pairs, namely FTT/BNB, FTT/BTC, FTT/ETH, and FTT/USDT. The update goes into effect on November 15, 2022, at 4:30 UTC. The assets can only be traded in FTT/BUSD.
Trade orders will be automatically locked when the update goes into effect. Traders are advised to update their trading strategies as Binance will terminate trading strategies for FTT/BNB, FTT/BTC, FTT/ETH, and FTT/USDT at the same time. Users are urged to revise their trading plans before strategy trading services are discontinued.
The minimum change in the unit price will be decided by Binance later, based on the market conditions.
FTT is surrounded by concerns about FTX suffering a liquidity crunch. Traders on the platform are unable to withdraw their funds. This case has done little to instill a sense of confidence among crypto enthusiasts.
Binance is a well-known name in the crypto business. Binance was founded in 2017 and had its headquarters in Malta. Its native cryptocurrency, BNB, powers the digital economy. Binance is the largest cryptocurrency exchange by trading volume, with over 100 different tokens and tokens available for trading. Traders who are able to adjust their trading strategy before the deadline will be unaffected by the declines in the aforementioned stock pairs.
Almost every Binance review echoes a similar tone that it is one of the best Crypto platforms with an aim to increase financial independence around the world, hence empowering individuals to greatly enhance their lives. When the Covid-19 pandemic broke out, Binance began to gain traction. Only during the epidemic did the platform’s 24-hour trade volume reach $4 billion. This figure remains the highest in the crypto sector.
Binance’s Mobile Trading and eWallet options are two of its finest features. Mobile Trading enables dealers to monitor their transactions from any location and at any time. Binance’s mobile application is equipped with the tools necessary to execute a trade when the market is bullish and at its height.
In contrast, eWallet enables traders to store their tokens in a decentralized manner. Additionally, traders can deposit and withdraw funds from their Binance eWallet via its official mobile application.
The fact that Binance offers two types of trading accounts—basic and advanced—is also a phenomenal bonus for traders.
The Basic trading account on Binance is ideal for new traders. It provides insight into the trading industry’s tools and trends. Once acquainted, traders can upgrade to an Advanced trading account, where expert traders can immediately enter.
Binance provides overall operational support through its customer service and analytical charts.
The removal and cessation of trading for FTT spot pairs will occur shortly. Traders may wish to swiftly change their tactics and monitor for future updates.