significant crypto exchange Cardano (ADA) trading pair has been removed from Huobi’s platform, which is yet another blow for the well-known digital asset. The SEC is now looking at the ADA token’s structure when the decision is made.
Huobi announced the discontinuation of ADA/USDD and other trading pairings on June 29, 2023, at 8:00 a.m. (UTC), citing its dedication to improving the trading experience for customers as the justification. The withdrawal of ADA, however, appears to be part of a larger strategic decision by the exchange rather than being merely based on any inherent problems with the token as it will still be available for trade against USDT and Bitcoin (BTC).
In the aftermath of SEC claims, ADA has previously faced delisting threats. Following the SEC’s charge that ADA may be considered a security, well-known platforms like Bakkt and Robinhood likewise pulled ADA from their listings earlier this month.
Cardano (ADA) price reaction
Despite the recent delisting news, there hasn’t been much of a market response to the news. The price of the token has not been significantly affected by the withdrawal of the less common ADA trading pair. In a larger sense, Cardano has been able to maintain a significant price level since its Binance launch in 2018.
The SEC’s inquiry into ADA and its possible categorization as a security continues to put doubt on the cryptocurrency’s future. Market participants and fans will be keenly monitoring the situation as it develops for any more events that may have an effect on Cardano’s course in the future.
