Binance has officially delisted and removed all South African Rand (ZAR) trading pairs on the exchange beginning in April 2, 2021.
According to some reports, the decision to delist is as a result of low liquidity for the South African Rand brought on by a lack of a ZAR deposit functionality on the platform.
SEE ALSO: Binance Uganda to Shut Down Operations in November 2020 After 2 Years Since Launch
Following this announcement, the following ZAR trading pairs on Binance will no longer be available:
- USDT / ZAR
- BTC / ZAR
- ETH / ZAR
- BUSD / ZAR
- BNB / ZAR
In an email sent o users in South Africa, Binance said:
“At Binance, we periodically review each digital asset we list to ensure that it continues to meet the high level of standard we expect. When a coin or token no longer meets this standard or the industry changes, we conduct a more in-depth review and potentially delist it. We believe this best protects all of our users.”
– Binance, South Africa
The latest delisting follows the closure of Binance Uganda operations in October 2020 and the eventual closure of all deposits in Ugandan Shillings (UGX) and all UGX trading pairs, reportedly for similar reasons caused by low volumes.
This also comes just 2 months after Binance closed the MPESA deposit and funding option for Kenyan users following the Nigerian crypto ban.
Interestingly, Binance CEO, ChangPeng Zhao, has been quoted as saying that Africa is a long play for Binance. The recent actions seem to suggest quite the opposite as they show a move towards less focus on Africa brought on my regulatory and operational challenges.
RECOMMENDED READING: Binance Closes the Flutterwave M-PESA Deposit and Funding Option Following the Nigerian Crypto Ban
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