Suddenly, South Africa’s Binance announced on 03/31 that it would withdraw on 04/02 the pairs with the South African rand (ZAR). The reason? The currency does not meet the “high standards” of the broker.
“Trade pairs in ZAR will be removed from Binance. 2021-04-02 10:00 AM (UTC). It is recommended that its users either trade to exit the position with ZAR or withdraw their balances ”
According to the Bitcoin.com website, the broker reportedly said in a statement to customers that “it periodically reviews each digital asset so that they continue to the expected high standards” and that “the token (ZAR) no longer meets those standards ”.
“Based on our most recent analysis, we decided to remove the list and stop trading all ZAR trading pairs at 10:00 UTC on April 1, 2021.”, concluded Binance.
The ZAR / BTC, ZAR / ETH, ZAR / BUSD pairs will no longer be available on the platform. It is speculated that Binance in South Africa did not work very well, a Binance Angel cited the low liquidity in the aforementioned pairs.
Binance’s local expansion sometimes fails. In Brazil, for example, the brokerage has one of the worst calls according to ReclameAqui:
Despite the problems, Binance Brasil quickly took the lead in the Brazilian cryptocurrency market in volume traded, according to data from CointraderMonitor.
South African Rand, another sh * tcoin?
The South African rand was created in 1961 when the country managed to become a republic. In the next ten years, 1.40 rand was approximately $ 1. However, political and economic instability has placed the ZAR in a real Russian heap of volatility.
Currently, 15 ZARs buy 1 USD and the high rates of poverty, crime, inequality and corruption are decreasing the purchasing power of this state currency. The brokerage that has the Dogecoin meme currency and at least dubious projects as call options may start to withdraw the real sh * tcoins from the platform, the state currencies.