Cryptocurrency exchanges Binance, Upbit and Bithumb have announced new delisting decisions. Support for Pax Dollar (USDP) and Ravencoin (RVN) will end as part of the changes.
Binance will remove all USDP spot trading pairs on September 24. South Korean exchanges Upbit and Bithumb will halt RVN trading on October 12.
As a result, RVN will lose support on two of South Korea’s largest cryptocurrency exchanges on the same day. The exchanges warned users about potential sharp price movements as the delisting dates approach.
Binance will halt USDP trading
Following its regular review process, Binance decided to remove Pax Dollar from its platform. USDP spot trading will end on September 24 at 03:00 UTC.
Any open spot orders will be automatically canceled after trading ends. The exchange will also gradually remove USDP support from its other services.
Binance Margin will delist USDP on September 11 at 06:00 UTC. Simple Earn support will end on September 17.
Positions remaining in Simple Earn will be automatically closed. The assets will then be transferred to users’ spot accounts.
USDP deposits made after September 25 at 03:00 UTC will not be credited. Users will be able to withdraw their assets until November 24 at 03:00 UTC.
Binance may convert any remaining USDP balances into other stablecoins after November 25. However, the exchange said that such a conversion is not guaranteed.
The delisting does not mean USDP has lost its dollar backing. Issued by Paxos, the stablecoin aims to maintain a 1:1 value against the US dollar.
Upbit and Bithumb will delist RVN
Upbit and Bithumb announced simultaneous delisting decisions for Ravencoin. Both exchanges will halt RVN trading on October 12 at 06:00 UTC.
According to Bithumb’s announcement, the decision followed a security incident involving the Ravencoin network. The exchange assessed the measures taken by the project team, including compensation for the damage.
The review concluded that RVN no longer met the requirements for continued trading support. Both exchanges had previously designated Ravencoin as an asset subject to an investment warning.
Any open RVN orders will be automatically canceled when trading ends. Support for trading through the exchanges’ APIs will also stop at the same time.
Bithumb will end RVN withdrawal support on November 11 at 06:00 UTC. Users should transfer their assets to another platform or a personal wallet before the deadline.
The joint decision by Upbit and Bithumb could put pressure on RVN liquidity. The South Korean market accounts for a significant share of global trading activity in many altcoins.
Binance’s USDP decision will also reduce the stablecoin’s exchange accessibility. The development could further concentrate stablecoin trading volume around larger alternatives such as USDT and USDC.
