The world’s largest crypto exchange Binance on Friday said it is removing several crypto in GBP trading pairs on Binance Spot. Binance plans to delist some major spot pairs including Bitcoin (BTC), Ethereum (ETH), BNB, Solana (SOL), XRP, Cardano (ADA), Chainlink (LINK), Polygon (MATIC), Litecoin (LTC), and Dogecoin (DOGE) by December 29.

Binance Removes Major GBP Spot Pairs

Crypto exchange Binance in an official announcement on December 22 revealed that it will remove and cease trading of GBP spot pairs. The move comes amid mounting challenges including regulatory burden, heightened scrutiny, and loss of banking partners.

Binance will remove ADA/GBP, BNB/GBP, BTC/GBP, DOGE/GBP, ETH/GBP, GBP/USDT, LINK/GBP, LTC/GBP, MATIC/GBP, SOL/GBP, and XRP/GBP at 03:00 UTC on December 29.

In October, Binance stopped accepting new customers in the UK, in compliance with new FCA regulations restricting promotions from overseas digital asset firms in the country. Moreover, GBP users faced issues in withdrawals and deposits after Binance’s banking partner in the UK ended its operating agreement.

“To protect users and maintain a high quality trading market, Binance conducts periodic reviews of all listed spot trading pairs, and may delist selected spot trading pairs due to multiple factors,” said Binance.

Also Read: Ark Invest Sells Coinbase As Cathie Wood Talks Bitcoin, Tesla, AI With Elon Musk

Will It Bring a Correction?

While there could be some pullback in the crypto market, GBP spot pairs removal will not cause a correction in the crypto market. Most trading volumes come from stablecoins and USD pairs.

BTC price moving sideways in the last 24 hours ahead of key US PCE inflation data. The price is currently trading below $44,000 due to a decline in trading volumes. Meanwhile, over the last 24 hours, the BTC price has touched a low of $43,387 and a high of $44,367.

Altcoins are comparatively trading stronger than Bitcoin, but a Santa Claus rally is anticipated amid spot Bitcoin ETF approval hype.

Also Read: US PCE Inflation — Here’s Why Bitcoin & Crypto Market Rising Today Ahead Key Data

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Varinder has 10 years of experience in the Fintech sector, with over 5 years dedicated to blockchain, crypto, and Web3 developments. Being a technology enthusiast and analytical thinker, he has shared his knowledge of disruptive technologies in over 5000+ news, articles, and papers. With CoinGape Media, Varinder believes in the huge potential of these innovative future technologies. He is currently covering all the latest updates and developments in the crypto industry.

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