Has Ethereum Been the Subject of a Bombshell by Binance? CZ Puts an End to Delisting Fears
Speculation is the lifeblood of the cryptocurrency world, but occasionally the rumours take on a life of their own. This week, the market was rocked by rumours that Binance was about to delist Ethereum (ETH), which caused panic. The wild ideas that ETH would be on the chopping block were sparked by Binance’s recent deployment of community-driven listing and delisting functionality.
Ethereum is the second-largest cryptocurrency in terms of market capitalisation, therefore this kind of action would be very devastating. Changpeng Zhao (CZ), the founder and former CEO of Binance, was quick to put a stop to the craze.
The New Model of Binance Causes Controversy
When Binance introduced “Vote to List” and “Vote to Delist,” two significant community-focused features, the mayhem started. Users can vote for tokens to be added or deleted from the exchange using these mechanisms. The objective? Binance’s decision-making process is more decentralised.
On the other hand, false information quickly spread like wildfire. Rumours circulated shortly after the announcement that Ethereum would be delisted as a result of community voting. Social media was ablaze with worried people making predictions about the possible consequences.Ethereum Been the Subject of a Bombshell by Binance
CZ Crushes the Ethereum Delisting Rumors
Investors became more and more nervous as the rumours spread. However, CZ quickly shut it down. He responded bluntly, calling the rumours of delisting “complete nonsense” and saying that anyone who “believes it deserves to be poor.”
In addition to addressing the rumour, CZ’s incisive reaction was an outspoken attempt to allay market anxieties and stop needless panic selling. He has consistently defended Ethereum and highlighted the blockchain’s critical role in decentralised finance (DeFi).
Remarkably, CZ has said that he regrets not investing in Ethereum sooner. Even for one of the wealthiest people in cryptocurrency, it’s a rare instance of a wasted opportunity given ETH’s meteoric ascent over the years.
Ethereum and Binance: A Prolonged Collaboration
Listing on Binance One of the exchange’s first actions following its 2017 launch was Ethereum. Binance has strengthened its dedication to the asset by growing its ETH offers over time.
ETH/BTC, ETH/USDC, ETH/USDT, and ETH/FDUSD are among the 15 trading pairings that Ethereum now offers on Binance. In only a single day, the ETH/USDC combination alone saw an incredible $1.54 billion in trading volume, making it the fourth most traded pair on the platform.
Ethereum continues to play a significant role in Binance’s trading ecosystem despite market volatility, further dismissing any talk of delisting.
What’s Next?
Although the new voting method on Binance is a creative move in the direction of community-driven governance, it also makes it easier for false information to proliferate. This instance demonstrates the speed at which the cryptocurrency market can respond to unconfirmed news, often with dire repercussions.
As of right present, there are no indications that Ethereum will be delisted from Binance. But as with crypto, it’s important to keep informed. Making quick decisions can be expensive, and not all rumours are true, as CZ has shown.
The lesson learnt? Always verify the facts before making trading decisions; don’t fall for the hype.
Disclaimer and Risk Warning
Cryptomantr does not endorse or is responsible for any content, accuracy, quality, advertising, products, or other materials on this page. The image used in this article is for informational purposes only and is provided to us by a third party. cryptomantr should not be held responsible for image copyright issues. Contact us if you have any issues or concerns. Readers should do their research before taking any actions related to the company.