SOPA Images/LightRocket via Getty Images
Key takeaways
- Binance recently delisted a trading pair that involved Shiba Inu, and this has some concerned that the SHIB token was being removed. The SHIB token isn’t going anywhere and will continue to be listed on the exchange. The meme coin was even ranked the third-most-watched cryptocurrency for 2022, trailing behind only ethereum and bitcoin.
- The crypto exchange has been making headlines ever since the company backed out of a last-minute deal to rescue FTX before it completely imploded.
- While many crypto exchanges have gone bankrupt, Binance plans on going on a hiring spree, even though the company has been facing scrutiny from various entities.
The cryptocurrency market has been making 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 issues up until now.
Binance recently delisted a Shiba Inu trading pair, but this is far from the most important news surrounding this crypto exchange. We’re going to 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 handling the aftermath of the FTX implosion. (Plus, here’s how you can get invested in crypto, even without experience, with Q.ai.)
What’s Happening With Binance Delisting Shiba Inu?
There were headlines about Binance delisting Shiba Inu that initially worried some. However, upon further investigation, it looks like Binance is only delisting a few trading pairs, and one of these pairs involves the SHIB token.
What’s Shina Inu?
SHIB is the primary token of the Shiba Inu ecosystem. The meme coin is currently up about 6% and has the 16th largest market cap of all cryptocurrency coins. The token started as an altcoin of Dogecoin that was built on top of the Ethereum
ETH
Pairs delisted from Binance
The following trading pairs were officially removed from the crypto exchange as of Jan. 6, 2023:
- APE/GBP
- BLZ/ETH
- CAKE/GBP
- ICX/ETH
- SHIB/GBP
- ZEN/BNB
Binance didn’t provide a reason for why these trading pairs were being removed in the official announcement. However, some other sources have stated that they believe the SHIB/GBP was delisted due to low liquidity. It’s worth noting that the SHIB/USDT trade pairing on the Binance exchange has one of the highest trading volumes, with $30.5 million.
In positive news for supporters of Shiba Inu, Binance revealed that this was the third-most-popular form of cryptocurrency in 2022, trailing only behind Bitcoin
BTC
Can you still invest in Shiba Inu?
If you want to put money 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 connected bank account or swap in other cryptocurrency forms for this token.
As always, we recommend that you conduct your own due diligence before investing in a speculative asset like crypto. Shiba Inu is a perfect example. It became popular during the pandemic months as supporters rallied on social media to try to bring up its value, but it has significantly dropped since its peak.
Latest news on Binance
Binance has been making headlines ever since the crypto exchange FTX collapsed. Binance had initially agreed on a rescue acquisition 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 was purchasing Voyageur to save it from bankruptcy, and other pieces of information have come out since that are listed below.
Here’s the latest news surrounding Binance and the crypto space.
Binance has announced a hiring spree
CEO Changpeng Zhao, known as CZ, spoke at an industry conference on Jan. 11, 2022 in Switzerland where he announced that the exchange was hoping to increase its workforce by 15% to 30% in 2023 to become better organized for the next potential bull run. This is exciting news as the exchange already expanded the employee headcount from 3,000 to roughly 8,000 in 2022 while other exchanges announced layoffs.
Zhao commented candidly that Binance was currently “not super efficient” and noted this as a reason for adding on staff. Zhao also spoke about how he felt that the industry would be fine after the collapse of FTX, which he felt wasn’t even big enough to make such an impact.
Binance could face issues from the U.S. Department of Justice
The Department of Justice 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’s believed that a criminal prosecution would destroy the crypto market as this space has been suffering throughout the past year, and Binance is the largest exchange by volume.
The investigation has been apparently going on since 2018, and the DOJ isn’t sure how to proceed as the different departments are split on the best course of action. Binance has hired Kendall Day, a partner at Gibson Dunn law firm, to handle discussions with the DOJ. The investigation’s possible outcomes include plea deals involving fines to settle matters out of court.
Binance responded to these allegations with complete denial. They attached a statement to the following tweet:
“Reuters has it wrong again.
Now they’re attacking our incredible law enforcement team. A team that we’re incredibly proud of — they’ve made crypto more secure for all of us.”
It’s worth mentioning that Binance processed trades worth about $1.6 trillion in October, equating to half of the trading volume for the entire crypto market. This means that there would 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 on to its assets as customers withdrew a net of $360 million on the first Friday of 2023. Binance didn’t respond to the allegations that nearly a quarter of Binance’s assets left the exchange in under two months. There are currently trust issues with Binance among investors.
Binance.US is purchasing the failed crypto exchange Voyager.
We wrote about how the deal for Binance.US to purchase the assets of Voyager Digital for $1.022 billion was pending based on the approval of bankruptcy courts in January. The bankrupt crypto exchange was given the initial nod of approval to go through with the deal. The deal with Binance.US includes a cash payment of $20 million and an agreement to transfer the customer funds of Voyager users to Binance.US’s crypto exchange. Voyager was initially set to sell its assets to FTX until that crypto exchange imploded in December 2022.
It’s worth mentioning that Binance.US is based in Palo Alto, California, and is fully independent of 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. In order to adhere to U.S. regulations, Binance.US doesn’t have the same features as the international version of the Binance exchange. It’s worth stating that both platforms have equally low fees and the liquidity is enough on the Binance.US platform for retail investors.
How should you be investing?
We continue to see how risky investing in cryptocurrency can be, with entire exchanges going down in recent months. Speculative digital assets have seen significant drops in value in the past year. When things are going well, the gains have been exceptional in this space. When times are bad, the 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 volatility in the market, check out the Large Cap Kit.
Q.ai takes the guesswork out of investing. Our artificial intelligence scours the markets for the best investments for all manner of risk tolerances and economic situations. You can activate Portfolio Protection at any time to protect your gains and reduce your losses, no matter what industry you invest in.
The bottom line
Binance holds about 75% of the total global crypto trade volume, so the stakes for this platform are higher now than ever. There are no guarantees that you’ll see investments in crypto will pay off. The events from the past year have shown us that every crypto exchange, crypto lender, and form of cryptocurrency is susceptible to severe threats. With many watching Binance to see how the crypto exchange can navigate the current situation in the wake of the FTX implosion, we will continue monitoring the news.
Download Q.ai today for access to AI-powered investment strategies.