Binance Accelerates Delistings as Regulatory Pressure Intensifies

Cryptocurrency exchange Binance has tightened its listing policy as the number of trading instruments listed decreased by 21% in 2023, Kaiko reports.

According to a new report published by Diving Into DEXs, Binance is now taking an accelerated approach to delisting entities at a rapid pace after its founder and former CEO Changpeng Zhao settled a $4.3 billion case with the US regulators for, among other things, operating an unlicensed exchange.

Kaiko analysts admitted that Binance was not the only crypto exchange in 2023 to reduce its listing offers, as Coinbase and OKX have delisted some instruments. Meanwhile, US-based cryptocurrency exchange Kraken, on the other hand, slightly increased the number of supported cryptocurrencies, according to data from Kaiko.

Binance Accelerates Delistings as Regulatory Pressure Intensifies - 1
Number of cryptocurrencies listed on Binance vs Binance.US, Coinbase, Kraken and OKX | Source: Kaiko

As of mid-October 2023, Kaiko revealed in a report that a total of over 3,445 tokens or trading pairs have been delisted or become inactive on major trading platforms, representing a 15% increase in the number of instruments delisted compared to all of 2022. Kaiko analysts estimate that Coinbase delisted a total of 80 trading pairs in October 2023, bringing the total number of instruments delisted from its platform to 176 in 2023.

In early December 2023, newly appointed Binance CEO Richard Teng acknowledged in an interview with CoinDesk that the compliance monitoring the exchange had at launch was “inadequate,” adding that “mistakes were made.” His comments came after the US Department of Justice said Binance staff “knew that the company’s anti-money laundering procedures were inadequate and would attract criminals to the platform.”

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