In an abrupt move, Binance South Africa announced on March 31st that all South African rand (ZAR) trading pairs would be delisted on April 2nd. The crypto exchange added in a statement that “all trade orders after 10:00 UTC in April will be automatically removed 1” in each respective trading pair. Binance will close by asking users to withdraw all funds before the 10.00 UTC deadline.
ZAR no longer complies with the standard
Binance South Africa justified the decision with the fact that “every digital asset we list is checked regularly to ensure that it continues to meet the high standard we expected”. The email goes on to say that a decision will be made to remove such a digital asset if “a token no longer meets this standard or if the industry changes”.
In a strong indication that ZAR trading pairs had failed the in-depth review, Binance said:
Based on our most recent evaluations, we have decided to delist and cease trading in all ZAR trading pairs on April 1st, 2021 at 10.00 UTC.
According to the statement, the exact trading pairs to be removed include USDT / ZAR, BTC / ZAR, ETH / ZAR, BUSD / ZAR and BNB / ZAR. However, the email explains that South African users can continue to trade these “assets in other trading pairs available on Binance”.
In the meantime, not everyone is happy with Binance’s explanation of dropping ZAR trading pairs. For example, a local report speculated that “a common delisting template (was) used in a hurry to postpone the announcement”. However, the report also cites an unnamed “Binance Africa Angel” who indicates that “the low liquidity of the platform for the couples was the reason for the decision”. The lack of the ZAR deposit feature is believed to “exacerbate” the problem.
On Twitter, some users expressed surprise at the decision, which they believe to be contradicting. Users base their claims on a chain analysis report that says South Africa is “among the top 10 countries in the world to adopt crypto,” arguing that it therefore makes no sense for Binance to delist ZAR pairs.
Do you agree with Binance’s justification to delist ZAR trading pairs? Let us know what you think in the comments section below.
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