Cryptocurrency News

Justin Sun’s BitTorrent Token (BTT) Delisted on Binance, Price Takes a Beating

Cryptocurrency exchange Binance announced today that it had delisted 30 trading pairs from its platform, including one involving Justin Sun’s BitTorrent (BTT).

Binance’s announcement comes as a surprise since BitTorrent was the first project to launch on the crypto exchange’s Initial Exchange Offering (IEO) platform, Binance Launchpad, on January 28.

Reaching its hard cap of $7.1 million in less than 15 minutes, the BTT IEO was a massive success for both the exchange and BitTorrent as well as TRON’s CEO, Justin Sun. It’s also safe to say that it gave birth to the IEO hype which has been slowly fading in the past few months. 

Binance Axes Multiple IEO Tokens

According to Binance’s announcement, the cryptocurrency exchange is delisting the following trading pairs from its platform: ANKR/PAX, ANKR/TUSD, ANKR/USDC, BCPT/PAX, BCPT/TUSD, BCPT/USDC, BTT/BTC, DENT/BTC, DOGE/PAX, DOGE/USDC, ERD/PAX, ERD/USDC, FTM/PAX, FTM/TUSD, FUEL/ETH, GTO/PAX, GTO/TUSD, GTO/USDC, LUN/ETH, NCASH/BNB, NPXS/BTC, ONE/PAX, ONE/TUSD, PHB/PAX, PHB/USDC, TFUEL/PAX, TFUEL/TUSD, TFUEL/USDC, WAVES/PAX, and WIN/BTC.

Binance stated that the reason for getting rid of the above-mentioned cryptocurrency pairs is to improve the user experience and the liquidity of its trading platform. 

Furthermore, the exchange claimed that most of the project teams whose token trading pairs had been delisted had requested as much.

Surprisingly, the 30 delisted token pairs include IEO tokens which were launched on Binance Launchpad, including BitTorrent, Elrond (ERD), Harmony (ONE), and WINk (WIN).

Another possible reason for the decision could be the recent low-performing IEOs on the Binance Launchpad platform, including the disappointing token sale of the Perlin project.

It is important to note that Binance removed only the BTT/BTC trading pair from its platform, while the other BitTorrent trading pairs (USDT/BTT and BNB/BTT) remain untouched.

BitTorrent’s Promising Start and Downfall

Soon after its IEO, BitTorrent’s price started trending upwards and increased from $0.0005 on February 1 to $0.0018 on May 29.

Since then, the cryptocurrency’s price has rolled over, falling to $0.00042 as of today.

After the cryptocurrency exchange announced that it would delist the BTT/BTC trading pair, BitTorrent’s price crashed, falling below $0.00039 in a matter of hours. As of writing this article, the cryptocurrency has managed to recover to nearly $0.00041.

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