Key points to remember
- Binance recently delisted a trading pair involving Shiba Inu, raising fears that the SHIB token will be taken down. The SHIB token is not going anywhere and will continue to be listed on the exchange. The meme coin was even ranked the third most watched cryptocurrency for 2022, behind only Ethereum and Bitcoin.
- The crypto exchange has been in the news since the company backed out of a last-minute deal to save FTX before it completely imploded.
- While many crypto exchanges have gone bankrupt, Binance plans to go on a hiring spree, even though the company has come under scrutiny from various entities.
The cryptocurrency market has been in the headlines over 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 so far.
Binance recently delisted a Shiba Inu trading pair, but this is far from the biggest news for this crypto exchange. We’ll take a look at what’s happening with Binance as the company plans to embark on a hiring spree while the rest of the crypto space still deals with the aftermath of the FTX implosion. (Also, here is how you can invest in cryptoeven without experience, with Q.ai.)
What’s happening with Binance removing Shiba Inu from the list?
There were headlines on Binance deleting Shiba Inu from the list that initially worried some. However, upon further investigation, it appears Binance is only removing a few trading pairs, and one of those pairs involves the SHIB token.
What is Shina Inu?
SHIB is the main token of the Shiba Inu ecosystem. The meme coin is currently up around 6% and has the 16th largest market cap of any cryptocurrency coin. The token started as an altcoin of Dogecoin which was built on top of Ethereum
Binance Deleted Pairs
The following trading pairs have been officially removed from the crypto exchange as of January 6, 2023:
Binance did not provide a reason why these trading pairs were removed in the official announcement. However, some other sources said they believe SHIB/GBP has been delisted due to low liquidity. It should be noted that the SHIB/USDT trading pair on the Binance exchange has one of the highest trading volumes, with $30.5 million.
In positive news for Shiba Inu supporters, Binance has revealed it to be the third most popular form of cryptocurrency in 2022, just behind 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 only one trading pair has been delisted. You can invest in Shiba Inu with your credit card or connected bank account or trade in other forms of cryptocurrency for this token.
As always, we recommend that you do your own due diligence before investing in a speculative asset like crypto. Shiba Inu is a perfect example. It rose to popularity during the months of the pandemic as supporters rallied on social media to try and boost its value, but it has fallen significantly since its peak.
Latest news on Binance
Binance has been making headlines since the crypto exchange FTX collapsed. Binance initially agreed to a rescue acquisition until they pulled out of the deal due to regulatory issues and possible legal ramifications involving FTX. Then it emerged that Binance.us was buying Voyageur to save it from bankruptcy, and more information has since come out and is listed below.
Here is the latest news regarding Binance and the crypto space.
Binance announced a wave of hiring
CEO Changpeng Zhao, known as CZ, speaks at an industry conference on January 11, 2022 in Switzerland where he announced that the exchange hopes to increase its workforce by 15% to 30% in 2023 to better organize for the next potential bull. Course. This is exciting news as the exchange has already increased the number of employees from 3,000 to around 8,000 in 2022 while other exchanges have announced layoffs.
Zhao candidly commented that Binance is currently “not super efficient” and noted this as a reason for adding staff. Zhao also talked about how he thinks the industry will be fine after the collapse of FTX, which he said wasn’t even big enough to have such an impact.
Binance could face problems 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 told Reuters the charges being investigated include transmitting unlicensed money, money laundering conspiracy and violations of criminal penalties. It is believed that a criminal prosecution would destroy the crypto market as this space has suffered throughout the past year, and Binance is the largest exchange by volume.
The investigation has apparently been ongoing since 2018, and the DOJ is unsure how to proceed as different departments are divided over the best course of action. Binance has hired Kendall Day, a partner at law firm Gibson Dunn, to handle discussions with the DOJ. Possible outcomes of the investigation include plea deals involving fines to settle cases out of court.
Binance has responded to these allegations with complete denial. They attached a statement to the following tweet:
“Reuters got it wrong again.
Now they are attacking our incredible law enforcement team. A team we’re incredibly proud of – they’ve made crypto more secure for all of us.
It is worth mentioning that Binance processed trades worth around $1.6 trillion in October, which is equivalent 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 $360 million net on the first Friday of 2023. Binance has not responded to claims that nearly a quarter of Binance’s assets left the exchange in less than two months. There are currently trust issues with Binance among investors.
Binance.US buys failed crypto exchange Voyager.
We wrote about how the deal for Binance.US to buy the assets of Voyager Digital for $1.022 billion was pending based on bankruptcy court approval in January. The bankrupt crypto exchange received the first nod of approval to complete the deal. The deal with Binance.US includes a cash payment of $20 million and an agreement to transfer client funds from Voyager users to the Binance.US crypto exchange. Voyager was originally scheduled to sell its assets to FTX until that crypto exchange imploded in December 2022.
It should be mentioned 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 intended for citizens and residents of the United States who wish to use the Binance platform legally. In order to comply with US regulations, Binance.US does not have the same functionality as the international version of the Binance exchange. It should be clarified that both platforms have equally low fees and there is sufficient liquidity on the Binance.US platform for retail investors.
How should you invest?
We continue to see how risky investing in cryptocurrency can be, with entire exchanges declining in recent months. Speculative digital assets have seen significant declines in value over the past year. When things are going well, gains have been exceptional in this space. When times are bad, the losses are worse.
If you are looking to invest in cryptocurrency, you may want to consider our Emerging Technology Kit, which spreads 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 current market volatility, check out the Large cap kit.
Q.ai eliminates investment assumptions. Our artificial intelligence scours the markets for the best investments for all kinds of risk tolerances and economic situations. You can activate Wallet Protection at all times to protect your gains and reduce your losses, regardless of the sector in which you invest.
The bottom line
Binance holds about 75% of the total global crypto trading volume, so the stakes for this platform are higher than ever. There is no guarantee that you will see that investing in crypto will be profitable. The events of the past year have shown us that every crypto exchange, crypto lender and form of cryptocurrency is susceptible to serious threats. While many are watching Binance to see how the crypto exchange can navigate the current situation following the FTX implosion, we will continue to monitor the news.
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