TL;DR
- Binance Delists Russian Pairs: Binance will remove 15 Russian ruble trading pairs, including ADA/RUB, SOL/RUB, and XRP/RUB, due to security concerns and low liquidity, aligning with their strategy to exit the Russian market.
- Strategic Shift: The exchange’s move reflects a compliance-focused strategy, as stated by Chief Compliance Officer Noah Perlman, emphasizing a shift away from Russian operations to focus on other global markets.
- Cryptocurrency Price Impact: The delisting has affected the prices of XRP, ADA, and SOL, with notable declines. Despite this, experts predict potential future gains for these cryptocurrencies.
Protecting Users or Anti-Russian Move?
The world’s largest cryptocurrency exchange – Binance – announced that it will remove 15 spot trading pairs on November 20. Some of those include ADA/RUB, SOL/RUB, and XRP/RUB.
The company explained that the move aims to grant additional security to clients, adding that more trading pairs might get delisted in the future should there be “poor liquidity and trading volume.”
Another reason behind the initiative could be Binance’s wish to completely cease deposits in Russian ruble. Not long ago, the exchange entered into an agreement to sell the entirety of its Russia business to the crypto platform CommEX.
“As we look toward the future, we recognize that operating in Russia is not compatible with Binance’s compliance strategy. We remain confident in the long-term growth of the Web3 industry around the world and will focus our energy on the 100+ other countries in which we operate,” said Noah Perlman – Binance’s Chief Compliance Officer.
XRP, ADA, and SOL are on a Downhill
Three of the assets affected by Binance’s latest delisting spree – Ripple (XRP), Cardano (ADA), and Solana (SOL) – have registered significant declines in the past 24 hours. XRP’s price has plunged by 5% on a daily basis and around 8% for the last week. ADA has slipped by 6%, whereas SOL has plummeted by 10%.
According to numerous experts, though, the ongoing correction should not be a concern for long-term investors since those assets might chart substantial gains in the following months.
XRP was recently projected to soar by 100% by the end of 2023, while the X (Twitter) user Jacob Canfield forecasted that SOL could reach a whopping $1,000 mark.
Those willing to explore the top ADA predictions could take a look at our latest video below:
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