Key data for the van
- Binance recently removed a trading pair that included Shiba Inu, and this has some worried that the SHIB token is being removed. The SHIB token is not going anywhere and will continue to be listed on the exchange. Meme coin is even ranked as the third most watched cryptocurrency for 2022, behind only ethereum and bitcoin.
- The crypto exchange has been in the headlines since the company backed out of a deal to rescue FTX at the last minute before it completely imploded.
- While many crypto exchanges have gone bankrupt, Binance plans to hire quite a bit, even as the company faces scrutiny from various entities.
The cryptocurrency market has been in the headlines for the past year due to various unprecedented disasters and implosions. Binance is one of the few crypto exchanges that has managed to avoid any major problems so far.
Binance recently removed the Shiba Inu trading pair, but this is far from the most important news related to this crypto exchange. We’ll take a look 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 fallout from the FTX implosion. (Also, here’s how you can invest in crypto, even without experience, with Q.ai.)
What is happening with the delisting of Shiba Inu from Binance?
There have been headlines about Shiba Inu being delisted from Binance 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 token of the Shiba Inu ecosystem. Meme coin is currently growing by around 6% and has the 16th largest market capitalization of all cryptocurrency coins. The token started as an altcoin of Dogecoin that was built on top of Ethereum
Pairs removed from Binance
The following trading pairs have been officially removed from the crypto exchange as of January 6, 2023:
Binance did not give a reason why these trading pairs were removed in an official announcement. However, some other sources have stated that they believe SHIB/GBP has been 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 supporters, Binance has revealed that it is the third most popular form of cryptocurrency in 2022, behind only Bitcoin
Can you still invest in a Shiba Inu?
If you want to invest in this meme coin, you can still do so on the Binance exchange as only one trading pair has been delisted. You can invest in Shiba Ina with your credit card or linked bank account or exchange other forms of cryptocurrency for this token.
As always, we recommend that you do your own due diligence before investing in speculative assets like crypto. The Shiba Inu is a perfect example. It became popular during the months of the pandemic as supporters flocked to social media to try to boost its value, but it has fallen significantly since its peak.
The latest news on Binance
Binance has been in the headlines since the crypto exchange FTX collapsed. Binance initially agreed to a bailout acquisition until they pulled out of the deal due to concerns over regulatory issues and potential legal ramifications involving FTX. Then it came out that Binance.us was buying Voyageur to save it from bankruptcy, and since then the other information listed below has come out.
Here’s the latest news related to Binance and the crypto space.
Binance has announced a hiring spree
CEO Changpeng Zhao, known as CZ, spoke at an industry conference on January 11, 2022 in Switzerland where he announced that the exchange hopes to increase headcount by 15% to 30% in 2023 to better prepare for the next potential bull run . This is exciting news as the exchange has already increased its headcount from 3,000 to approximately 8,000 in 2022, while other exchanges have announced layoffs.
Zhao openly commented that Binance is currently “not super efficient” and cited this as the reason for the increase in staff. Zhao also talked about how he thinks the industry will be fine after the collapse of FTX, which he doesn’t think is even big enough to have that kind of impact.
Binance could 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 told Reuters the charges being investigated include unlicensed money transmission, money laundering conspiracy and criminal sanctions violations. It is believed that prosecution would devastate the crypto market as the 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 Department of Justice is unsure how to proceed as various departments are divided on the best course of action. Binance has hired Kendall Day, a partner at the law firm Gibson Dunn, to lead discussions with the DOJ. Possible outcomes of the investigation include plea deals that include fines to settle matters out of court.
Binance responded to these allegations with a complete denial. They attached a statement with the following tweet:
“Reuters is wrong again.
Now they are attacking our amazing law enforcement team. A team we’re incredibly proud of — they’ve made cryptocurrency safer for all of us.”
It is worth mentioning that Binance processed around $1.6 trillion worth of trades in October, which is equal to half of the trade volume for the entire crypto market. This means that there would be serious consequences if something happened to the trading platform.
Binance is bleeding assets
According to a Forbes exclusive, Binance is currently struggling to maintain its assets as clients withdrew a net $360 million on the first Friday of 2023. Binance has not responded to allegations that nearly a quarter of Binance’s assets have left the exchange in under two months. Currently, there are issues with the trust of Binance among investors.
Binance.US buys failed crypto exchange Voyager.
We wrote about how a deal for Binance.US to buy Voyager Digital’s assets for $1.022 billion was pending pending bankruptcy court approval in January. A bankrupt crypto exchange has been given initial approval to conduct business. The deal with Binance.US includes a cash payment of $20 million and an agreement to transfer Voyager users’ funds to the Binance.US crypto exchange. Voyager was initially set to sell its assets to FTX until that crypto exchange exploded in December 2022.
It is worth mentioning that Binance.US is based in Palo Alto, California and is completely independent from the main exchange Binance. The main difference between the exchanges is that Binance.US is for citizens and residents of the United States who want to legally use the Binance platform. In order 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 sufficient on the Binance.US platform for small investors.
How should you invest?
We continue to see how risky investing in cryptocurrencies can be, with entire stock markets falling in recent months. Speculative digital assets have seen a significant decline in value over the past year. When things are going well, gains have been exceptional in this space. When times are bad, the losses are even greater.
If you’re looking to invest in cryptocurrencies, you might 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 current market volatility, check out the Large Cap Kit.
Q.ai takes the guesswork out of investing. Our artificial intelligence searches the markets for the best investments for all types of risk tolerances and economic situations. You can activate portfolio protection at any time to protect your gains and minimize your losses, regardless of the industry you invest in.
The bottom line
Binance holds around 75% of the total global crypto trading volume, so the stakes for this platform are now higher than ever. There are no guarantees that cryptocurrency investments will pay off. The events of the past year have shown us that every crypto exchange, crypto lender, and form of cryptocurrency is vulnerable to serious threats. As many are watching Binance to see how the crypto exchange can handle the current situation after the FTX implosion, we will continue to monitor the news.
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