Key learning points
- Binance recently removed a trading pair involving Shiba Inu, and some were concerned that the SHIB token was being removed. The SHIB token is not going anywhere and will remain on the exchange. The meme coin even ranked as the third most viewed cryptocurrency for 2022, behind only ethereum and bitcoin.
- The crypto exchange has been making headlines since the company pulled out of a last-minute deal to save FTX before it completely imploded.
- While many crypto exchanges have gone bankrupt, Binance plans to continue hiring even as the company comes under scrutiny from several entities.
The cryptocurrency market has made headlines over the past year due to several unprecedented disasters and implosions. Binance is one of the few crypto exchanges that has managed to avoid major problems so far.
Binance recently delisted a Shiba Inu trading pair, but this is far from the main news surrounding this crypto exchange. We’re going to take a look at what’s happening with Binance as the company plans to start recruiting while the rest of the crypto space is still dealing with the aftermath of the FTX implosion. (Plus, here’s how you can invest in crypto, even with no experience, with Q.ai.)
What will happen to Binance taking Shiba Inu off the list?
There were headlines about Binance delisting Shiba Inu, which initially worried some. However, upon further investigation, it seems that Binance is only removing a few trading pairs, and one of these pairs involves the SHIB token.
What is 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 out as a Dogecoin altcoin 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 gave no reason why these trading pairs were removed in the official announcement. However, some other sources have stated that they believe the SHIB/GBP has been dropped due to low liquidity. It is worth noting that the SHIB/USDT trading pairing on the Binance exchange has one of the highest trading volumes, at $30.5 million.
In positive news for Shiba Inu supporters, Binance revealed it was the third most popular form of cryptocurrency in 2022, trailing only Bitcoin
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 as there is only one trading pair left. You can invest in Shiba Inu using your credit card or an affiliated 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 a speculative asset such as crypto. Shiba Inu is a perfect example. It gained popularity during the pandemic months as supporters rallied on social media to try and boost its value, but it has fallen significantly since its peak.
Latest news about Binance
Binance has been making headlines ever since crypto exchange FTX collapsed. Binance had initially agreed on a bailout takeover until they pulled out of the deal over regulatory concerns and potential legal ramifications related to FTX. It then emerged that Binance.us was buying Voyageur to save it from bankruptcy, and other bits of information have come out since then which are listed below.
Here’s the latest news about Binance and the crypto space.
Binance has announced a wave of recruitment
CEO Changpeng Zhao, known as CZ, spoke at an industry conference on January 11, 2022 in Switzerland, where he announced that the exchange hoped to increase its workforce by 15% to 30% by 2023 to be better organized for the next potential bull run . This is exciting news as the exchange has already expanded its workforce from 3,000 to around 8,000 by 2022, while other exchanges have announced layoffs.
Zhao candidly noted that Binance was “not super efficient” at the moment and cited this as a reason to add staff. Zhao also spoke about how he thought the industry would be fine after the collapse of FTX, which he said was not even big enough to make such an impact.
Binance may be facing issues 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 revealed to Reuters that the charges under investigation include unauthorized money transmission, conspiracy to commit money laundering and criminal sanctions violations. It is believed that a criminal prosecution would destroy the crypto market as this space has suffered over the past year and Binance is the largest exchange by volume.
The investigation has apparently been going on since 2018 and the DOJ isn’t sure how to proceed as the various departments are split on the best course of action. Binance has hired Kendall Day, a partner at law firm Gibson Dunn, to handle discussions with the DOJ. Potential outcomes of the investigation include plea deals with fines to settle cases out of court.
Binance responded to these allegations with complete denial. They added a statement to the following tweet:
“Reuters is wrong again.
Now they are attacking our incredible law enforcement team. A team we are incredibly proud of — they have made crypto safer for all of us.”
It is worth noting that Binance processed transactions worth approximately $1.6 trillion in October, which is 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 TBEN exclusive, Binance is currently struggling to hold on to its assets as customers withdraw a net amount of $360 million on the first Friday of 2023. Binance did not respond to allegations that nearly a quarter of Binance’s assets left the exchange in less than two months. There are currently investor confidence issues with Binance.
Binance.US buys failed crypto exchange Voyager.
We wrote about how the deal for Binance.US to buy Voyager Digital’s assets for $1.022 billion was pending based on bankruptcy court approval in January. The bankrupt crypto exchange got the first nod of approval to go ahead with the deal. The deal with Binance.US includes a $20 million cash payment and an agreement to transfer Voyager users’ customer funds to the Binance.US crypto exchange. Voyager was initially going to sell its assets to FTX until that crypto exchange imploded in December 2022.
It is worth noting that Binance.US is based in Palo Alto, California and is completely independent from 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 legally use the Binance platform. To comply with US regulations, Binance.US does not have the same features as the international version of the Binance exchange. It is worth mentioning that both platforms have equally low fees and the liquidity on the Binance.US platform is sufficient for retail investors.
How should you invest?
We continue to see how risky investing in cryptocurrency can be as entire exchanges have fallen in recent months. Speculative digital assets have fallen significantly in value over the past year. When things go well, the gains are exceptional in this space. When times are bad, the losses are worse.
If you want to invest in crypto, consider our Emerging Tech Kit, which helps you 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 scans the markets for the best investments for a variety of risk tolerances and economic situations. You can activate Portfolio Protection at any time to protect your profits and reduce your losses, regardless of the sector you invest in.
it comes down to
Binance holds about 75% of the total global crypto trading volume, so the stakes for this platform are now higher than ever. There are no guarantees that investing in crypto will pay off. The events of the past year have shown us that every crypto exchange, crypto lender and form of cryptocurrency is susceptible to serious threats. With many looking to Binance to see how the crypto exchange can navigate the current situation in the wake of the FTX implosion, we will continue to follow the news.
Download Q.ai today for access to AI-powered investment strategies.