Binance Removes Shiba Inu – Latest Events in Crypto
Important takeaways
- Binance recently removed a trading pair involving the Shiba Inu, and this has some concerns that the SHIB token was removed. The SHIB token is not going anywhere and will continue to be listed on the exchange. The meme coin was even ranked as the third most watched cryptocurrency for 2022, behind only ethereum and bitcoin.
- The crypto exchange has been making headlines ever since the company pulled out of a last-minute deal to save FTX before it completely imploded.
- While many crypto exchanges have gone bankrupt, Binance plans to go on a hiring spree, even as the company has come under scrutiny from various entities.
The cryptocurrency market has made headlines over the past year due to various unprecedented disasters and implosions. Binance is one of the few crypto exchanges that has managed to avoid major problems until now.
Binance recently delisted a Shiba Inu trading pair, but this is far from the most important news surrounding this crypto exchange. We’ll be looking at what’s happening with Binance as the company plans to go on a hiring spree while the rest of the crypto space is still dealing with the aftermath of the FTX implosion. (Plus, here’s how you can get invested in crypto, even without experience, with Q.ai.)
What’s up with Binance removing Shiba Inu?
It was headlines about Binance removing Shiba Inu that initially worried some. However, upon further investigation, it appears that Binance is only removing a few trading pairs, and one of those pairs involves the SHIB token.
What is Shina Inu?
SHIB is the primary symbol of the Shiba Inu ecosystem. The meme coin is currently up around 6% and has the 16th largest market capitalization of all cryptocurrency coins. The token started as an altcoin of Dogecoin built on top of the EthereumETH blockchain in August 2020. The meme coin became popular when Elon Musk tweeted that he would own a Shiba puppy, which led to the hype in the crypto space. Ethereum founder Vitalik Buterin donated 50 trillion Shiba Inu coins to a COVID-19 relief fund in India.
Pair removed from Binance
The following trading pairs were officially removed from the crypto exchange as of January 6, 2023:
- APE/GBP
- BLZ/ETH
- CAKE/GBP
- ICX/ETH
- SHIB/GBP
- ZEN/BNB
Binance did not give a reason why these trading pairs were removed in the official announcement. However, some other sources have stated that they believe SHIB/GBP was delisted due to low liquidity. It is worth noting that the SHIB/USDT trading pair on the Binance exchange has one of the highest trading volumes, with $30.5 million.
In positive news for Shiba Inu fans, Binance revealed that it was the third most popular form of cryptocurrency in 2022, behind only BitcoinBTC and Ethereum. The meme coin that was touted as a “Dogecoin killer” has seen its trading volume increase recently, as it is rare to see a smaller coin become one of the most viewed tokens on the platform. Binance currently holds about 16% of the circulating supply of Shiba Inu, with 91.57 trillion tokens worth about $797.57 million in four different wallets. It’s clear that the popular meme coin isn’t going anywhere.
Can you still invest in Shiba Inu?
If you want to deposit into this meme coin, you can still do so on the Binance exchange since only one trading pair was delisted. You can invest in Shiba Inu with your credit card or a linked bank account or exchange in other forms of cryptocurrency for this token.
As always, we recommend that you do your own due diligence before investing in a speculative asset like crypto. The Shiba Inu is a perfect example. It gained popularity during the pandemic months as supporters flocked to social media to try and boost its value, but it has fallen significantly since its peak.
Latest news about Binance
Binance has been making headlines ever since the collapse of crypto exchange FTX. Binance had originally agreed to a rescue buyout until they pulled out of the deal due to concerns over regulatory issues and possible legal ramifications involving FTX. Then it came out that Binance.us bought Voyageur to save it from bankruptcy, and other information has come out since it’s listed below.
Here is the latest news surrounding Binance and the crypto space.
Binance has announced a hiring round
CEO Changpeng Zhao, known as CZ, spoke at an industry conference on January 11, 2022 in Switzerland where he announced that the exchange hoped to increase its workforce by 15% to 30% in 2023 to be better organized for the next potential bull run. This is exciting news as the exchange already expanded its headcount from 3,000 to approximately 8,000 in 2022, while other exchanges announced layoffs.
Zhao candidly commented that Binance was currently not “super efficient” and noted this as a reason to add more staff. Zhao also talked about how he felt the industry would be fine after the collapse of FTX, which he believed wasn’t even big enough to have such an impact.
Binance may face trouble from the US Department of Justice
The Justice Department is debating how to proceed with CZ and the world’s largest crypto exchange after sources revealed to Reuters that the charges being investigated include unlicensed money transmission, money laundering conspiracy and criminal sanctions violations. It is believed that a prosecution would devastate the crypto market as this space has suffered over the past year and Binance is the largest exchange by volume.
The investigation has apparently been ongoing since 2018, and the DOJ isn’t sure how to proceed as the various departments are divided on the best course of action. Binance has hired Kendall Day, a partner at the Gibson Dunn law firm, to handle discussions with the DOJ. The investigation’s possible outcomes include plea agreements involving fines to settle cases out of court.
Binance responded to these claims with a complete denial. They attached a statement to the following tweet:
“Reuters is wrong again.
Now they attack our incredible police team. A team that we are incredibly proud of – they have made crypto safer for all of us.”
It is worth mentioning that Binance processed trades worth about 1.6 trillion dollars in October, which is equivalent to half of the trading volume of the entire crypto market. This means that there will be serious consequences if something were to happen to the trading platform.
Binance is bleeding assets
According to a Forbes exclusive, Binance is currently struggling to hold onto its assets as customers withdrew a net $360 million on the first Friday of 2023. Binance did not respond to claims that nearly a quarter of Binance’s assets left the exchange in less than two months. There are currently trust issues with Binance among investors.
Binance.US buys failed crypto exchange Voyager.
We wrote about how the deal for Binance.US to buy the assets of Voyager Digital for $1.022 billion was pending based on approval from the bankruptcy courts in January. The bankrupt crypto exchange got the first nod to go through with the deal. The agreement with Binance.US includes a cash payment of $20 million and an agreement to transfer the client funds of Voyager users to Binance.US’s crypto exchange. Voyager was originally set to sell its assets to FTX until that crypto exchange imploded in December 2022.
It is worth mentioning that Binance.US is based in Palo Alto, California and is completely independent from the main Binance exchange. The main difference between the exchanges is that Binance.US is for citizens and residents of the United States who want to use the Binance platform legally. To comply with US regulations, Binance.US does not have the same features as the international version of the Binance exchange. It is worth noting that both platforms have equally low fees and liquidity is enough on the Binance.US platform for retail investors.
How should you invest?
We continue to see just how risky investing in cryptocurrency can be, with entire exchanges going down in recent months. Speculative digital assets have seen significant declines in value over the past year. When things are going well, the gains in this area have been exceptional. When times are bad, losses are worse.
If you’re looking to invest in cryptocurrency, you may want to consider our Emerging Tech Kit, which helps spread risk across the industry rather than investing in a single coin or company. If you’re looking for something more stable, less speculative and even less affected by the current market volatility, check out the Large Cap Kit.
Q.ai takes the guesswork out of investing. Our artificial intelligence scans the markets for the best investments for all kinds of risk tolerances and financial situations. You can activate Portfolio Protection at any time to protect your gains and reduce your losses, regardless of the industry in which you invest.
The bottom line
Binance has about 75% of the total global crypto trading volume, so the stakes for this platform are higher now than ever. There are no guarantees that you will see that investments in crypto will pay off. The events of the past year have shown us that every crypto exchange, crypto lender and form of cryptocurrency is exposed to serious threats. With many looking to Binance to see how the crypto exchange can navigate the current situation in the wake of the FTX implosion, we will continue to monitor the news.
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