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- Binance warns & requests users to withdraw all ZAR balances before 10:00 a.m. (UTC), April 2.
- ZAR seemingly failed to meet the high standard bar that Binance aspires to maintain.
- South Africa is among the world’s top 10 nations for crypto adoption; thus Binance’s decision to delist ZAR pairs seems pointless.
On Wednesday, Binance South Africa announced the then-upcoming removal of all South African Rand (ZAR) trading pairs at precisely 10:00 a.m. (UTC) on April 2, and then proceeded to warn and request “users either trade out of their ZAR positions or withdraw all ZAR balances” before then.
Binance’s not-so-explanatory Explanation
Addressing the matter, Binance South Africa explained that ZAR seemingly failed to meet the high standard bar they aspire to maintain as per their recent reviews. To ensure high-quality products and services, the South African branch of the cryptocurrency exchange regularly reviews their listed digital assets. When a token fails to provide the set standard or keep up with the constantly evolving industry, they cease their trade altogether.
The official statement enlists removing the following trading pairs on April 2 at 10:00 a.m. UTC: USDT/ZAR, BTC/ZAR, ETH/ZAR, BUSD/ZAR, and BNB/ZAR. So Binance isn’t stopping the South African users from digital trading assets altogether, just not in these pairs.
Public Dissatisfaction and Confusion
However, not everyone supports Binance’s abrupt dismissal of ZAR trading pairs or is satisfied with the Explanation. One local report even commented that they practiced a common delisting template in a rush to out the announcement. Going as far as to quote an anonymous “Binance Africa Angel” suggesting, the low liquidity of the mentioned pairs on the exchange was the driving factor in their removal. The decision had nothing to do with their overall trading standard.
Some users even turned to the microblogging platform Twitter to express their disappointment. As per a Chainalysis report, South Africa is among the world’s top 10 nations for crypto adoption. Thus Binance’s decision to delist ZAR pairs seems pointless.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
