Important Binance Announcement Affecting Brazilian Users: Details
TL;DR
- Binance will add two pairs to its Bots program, enabling direct trading against the Brazilian Real.
- On the other hand, it will delist several trading pairs, with some of the affected cryptocurrencies experiencing a brief price decline following the disclosure.
The Upcoming Addition
The leading cryptocurrency exchange will add BTC/BRL and USDT/BRL to the list of trading choices on Binance Trading Bots services. The new offerings will become available to users tomorrow (September 13).
However, Binance revealed that the upcoming trading pairs are subject to eligibility based on the users’ country or region of residence. For example, clients living in the USA, Canada, Iran, the Netherlands, Cuba, Syria, and more will not be able to deal with them.
BRL is the symbol of the Brazilian Real (the national currency of the South American country). The launch of direct trading pairs between BTC and BRL, as well as USDT and BRL, makes it easier for local traders to enter and exit the cryptocurrency market since it removes the hurdle of converting their funds into other fiat currencies, such as US dollars, for example.
Earlier this year, Binance introduced a similar effort that benefits Mexican users. It opened trading and enabled Spot Algo Orders Trading Bots services for the USDT/MXN pair.
Delisting and Maintenance
Besides adding new pairs to its platform, Binance regularly removes some existing ones due to factors like poor liquidity and trading volume. Its next delisting effort is scheduled for September 13, when BAND/TRY, LSK/ETH, NTRN/BTC, and PROM/BTC will no longer be available to users.
“Users are strongly advised to update and/or cancel their Spot Trading Bots prior to the cessation of Spot Trading Bots services to avoid any potential losses,” the company warned.
The prices of some of the affected cryptocurrencies headed south shortly after the announcement on September 12 before entering green territory alongside the broader digital asset market the following day.
Binance also conducts wallet maintenance for certain networks. One of the latest happened at the beginning of September and involved the BNB Smart Chain (BEP20). To support the process, the exchange temporarily suspended deposits and withdrawals on the network while trading was not impacted.
In May, Binance conducted wallet maintenance for the Ethereum (ETH) network, whereas three months later, it did so for The Open Network (TON). Similar to the aforementioned initiative, it temporarily halted withdrawals and deposits on the underlying ecosystems, restoring operations once everything was wrapped up.
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