Binance Changes Impact Brazilian Users: New Pairs & Delistings

TL;DR

• Binance is set to introduce two new trading pairs, allowing direct trading with the Brazilian Real.
• Conversely, several trading pairs will be removed, causing a temporary price drop for some affected cryptocurrencies after the announcement.

The Upcoming Addition

The prominent cryptocurrency exchange is set to add BTC/BRL and USDT/BRL to its list of trading options on the Binance Trading Bots platform. These new pairs will be accessible to users starting tomorrow (September 13).

However, Binance has stated that the availability of these new trading pairs is contingent upon the user’s country or region of residence. For instance, users residing in the USA, Canada, Iran, the Netherlands, Cuba, Syria, and other locations will not have the ability to trade these pairs. 

BRL stands for the Brazilian Real (the official currency of Brazil). The introduction of direct trading pairs between BTC and BRL, as well as USDT and BRL, simplifies the process for local traders to enter and exit the crypto market, as it eliminates the need to convert their funds into other fiat currencies like the US dollar.

Earlier this year, Binance launched a similar initiative benefiting Mexican traders. It opened trading for the USDT/MXN pair and enabled Spot Algo Orders Trading Bots services. 

Delisting and Maintenance 

In addition to adding new pairs to its platform, Binance periodically removes certain pairs due to reasons like low liquidity and trading volume. The next delisting is set for September 13, when users will no longer have access to the BAND/TRY, LSK/ETH, NTRN/BTC, and PROM/BTC pairs.

“Users are strongly encouraged to update and/or cancel their Spot Trading Bots before the termination of Spot Trading Bots services to prevent any possible losses,” the company cautioned.

The prices for some of the cryptocurrencies affected saw a decline shortly after the announcement on September 12 but rallied the next day alongside the overall digital asset market.

Binance also performs maintenance on wallets for specific networks. One recent maintenance occurred at the beginning of September and involved the BNB Smart Chain (BEP20). For this maintenance, the exchange temporarily halted deposits and withdrawals on the network while trading remained unaffected. 

In May, Binance conducted wallet maintenance for the Ethereum (ETH) network, and three months later for The Open Network (TON). Similar to the previous efforts, it temporarily suspended withdrawals and deposits for the respective networks and restored operations once the process was complete.