Just-In: Binance Lists Toncoin For Spot Trading, TON Soars 12%

Binance, the leading global cryptocurrency exchange, has announced a major development that is bullish for the Toncoin (TON) ecosystem. In a highly anticipated move, the exchange has revealed plans to list TON for spot trading on its platform.

This news has already had a profound impact on the market, with the price of TON surging over 10% in anticipation of the listing.

Toncoin (TON) Spot Trading Listing

In a highly anticipated move, Binance revealed plans to list Toncoin (TON) for spot trading on its platform. The new trading pairs, which will go live on August 8 at 10:00 UTC, offerings include TON/BTC, TON/USDT, and TON/FDUSD.

The announcement has already had a significant impact on the TON cryptocurrency market, with the token’s price soaring by an impressive 12%, although now it has dropped to 6.9%. Investors eagerly anticipate the increased liquidity and visibility that the spot listing will bring.

Notably, they have waived the standard listing fee for TON, setting it at 0 BNB, demonstrating the exchange’s confidence in the project’s potential. Additionally, the “seed” tag will be applied to TON, indicating its status as a newly listed asset on the exchange.

In preparation for the upcoming trading launch, the exchange has opened deposits for TON, allowing users to start transferring the tokens to their wallets. Withdrawals will be enabled 24 hours later, on August 9, 2024 at 10:00 (UTC).

The spot listing of TON on the exchange, one of the world’s largest and most influential cryptocurrency exchanges, is a significant milestone for the TON ecosystem. This development is expected to increase the token’s liquidity, accessibility, and overall market exposure, potentially fueling further growth and adoption in the months and years to come.

Binance Regulatory Headwinds Amid Expansion Efforts

Considering recent developments, it has earlier been reported that the Indian government has issued a substantial tax bill on the leading exchange, the world’s largest crypto exchange. The Ahmedabad unit of the Directorate General of GST Intelligence (DGGI) has sent a show cause notice to the exchange, demanding $86,033,159 in Goods and Services Tax (GST).

Also, most recently Binance Labs, the venture capital arm of the exchange, has made an investment into Solayer, a leading restaking network on Solana. Solayer aims to secure on-chain dApps and improve network bandwidth while reinforcing Solana’s Layer 1 (L1) security. This investment underscores the investor’s commitment to advancing the cryptocurrency ecosystem.