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- Binance drops Russian pairs: 15 trading pairs involving Russian ruble, such as ADA/RUB, SOL/RUB, and XRP/RUB, are being delisted by Binance due to security concerns and low liquidity. This is aligned with the platform’s strategy to withdraw from the Russian market.
- Shift in Strategy: The exchange’s action mirrors a compliance-centric approach, as articulated by Binance’s Chief Compliance Officer Noah Pearlman, which involves distancing from Russian operations to concentrate on other global markets.
- Cryptocurrency Price Impact: The removal has led to noticeable declines in the prices of XRP, ADA, and SOL. Despite this, analysts are anticipating potential future growth for these digital assets.
User safety or anti-Russian decision?
Binance, the world’s largest cryptocurrency exchange, has declared the removal of 15 spot trading pairs on November 20, with examples like ADA/RUB, SOL/RUB, and XRP/RUB included in the delisted pairs.
The company has clarified that the move aims to enhance client protection, and added that more trading pairs could face delisting in the future if there is “poor liquidity and trading volume.”
Another possible reason for this move could be Binance’s intention to cease Russian ruble deposits entirely, with the exchange having previously agreed to sell its entire Russian business to crypto platform ComX.
“Looking ahead, we believe that operating in Russia is not in line with Binance’s compliance strategy. “We are confident in the long-term growth of the Web3 industry globally and will concentrate our efforts on the 100+ countries where we are operational,” remarked Noah Pearlman, Binance’s chief compliance officer.
XRP, ADA, and SOL experience downturn
Ripple (XRP), Cardano (ADA), and Solana (SOL) – the three assets impacted by Binance’s recent delisting – have encountered considerable declines in the last 24 hours. XRP has dropped by 5% daily and nearly 8% weekly, while ADA has decreased by 6% and SOL by 10%.
Despite this, many experts suggest that the ongoing correction should not worry long-term investors, as these assets could potentially exhibit substantial growth in the coming months.
There have been recent predictions of XRP rising by 100% by the end of 2023, and Twitter user Jacob Canfield projecting SOL reaching an impressive $1,000.
To explore the top ADA forecasts, you can watch our latest video below:
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