East African arm of the crypto exchange Binance — Binance Uganda — announced that it will delist the company’s native token Binance Coin (BNB) on September 17 at 10:00 am (EAT).
According to the Binance Uganda team, they periodically check the trading volume and liquidity of the assets that are listed on the platform to make sure that trading standards are met.
The exchange wrote,
Unfortunately, when this trading standard is not met, their performance is subject to review and may result in the delisting of the coin or token.
Binance has provided no additional information on what led to the decision of delisting BNB. Henceforth, the exchange is set to exclude the BNB/UGX trading pair officially on September 7 while BNB deposits will end on September 10. Moreover, BNB withdrawals will continue to be supported until November 6.
Binance Coin (BNB) is an ERC20 token running on the Ethereum network. It is currently the 8th biggest cryptocurrency with a total market capitalization of $3.5 billion, according to Coingecko. Its price is within the $14 range at press time.
Binance Uganda was launched back in November 2018. In its first week of launch, it gained a massive 40,000 new sign-ups. This immense achievement in a short span of time indicates that the African crypto sector is poised to explode.
Recently, the parent company Binance launched its first Launchpool , a platform where users can securely farm new assets and BSwap, its new token swapping platform. Meanwhile, BNB continues to be undervalued despite its exchange’s uncontested dominance in the crypto space.