The Japanese platform was long-awaited by the Binance community.
Binance, one of the most active crypto-only exchanges, has finally listed NEM (XEM) after the clearing of the Coincheck debacle. Deposits are already open for XEM tokens, and trading is available in three pairs: XEM/BTC, XEM/ETH, and XEM/BNB. Minimum withdrawal is 8 XEM, the fee is 4 XEM.
At the moment, XEM market prices are on the mend, but it is still early to judge the Binance effect. After a deep sell-off, XEM rose by more than 15% in the past day, to $0.33, its usual price range. Trading volumes are picking up after the long freeze at Coincheck. There are still no data on the volume for the Binance pairing, but XEM trading has reached a monthly peak of activity.
The minimum order value on Binance would be 0.001 BTC, or 0.01 ETH, or 1 BNB. Trading against BNB would be vastly more accessible, but pairs would also have varying liquidity.
Until now, the most active trading has been on Bittrex, but account limitations have curbed the exposure to XEM for international investors. The XEM asset still heavily depends on Asian speculative trading, and remains highly volatile.
It is possible XEM goes back up to $0.50, as it did a few days ago after Coincheck trading resumed. But the peaks of the coin have been short-lived, and with the general market mood still depressed, altcoins may continue to drift.
Lessons from Coincheck
The NEM team recently announced an update on the stolen funds situation. There will be no more tracking of XEM coins, as the Foundation has assisted with ensuring enough data for authorities to further investigate the theft.
“Beginning March 18, the NEM.io Foundation has disabled the tracking mosaic that was put into place to monitor XEM movements from the Coincheck theft. This effort was effective at reducing the hacker’s ability to liquidate stolen XEM and provided law enforcement with actionable information.”
After the theft of potentially traceable coins, the Japanese exchange decided to stop trading anonymous coins Monero, DASH and ZCash, where in the case of loss no remedy is possible.
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