Binance Ends SOPH Support on BNB Smart Chain, Delists Several Trading Pairs

Binance has announced another round of service changes affecting Sophon (SOPH), several spot trading pairs, margin products and crypto loans as part of its ongoing platform reviews.

The cryptocurrency exchange will stop supporting deposits and withdrawals of Sophon (SOPH) through the BNB Smart Chain (BSC) network on August 21 at 08:00 UTC. Users holding or transferring SOPH should take note of the deadline, as deposits made through BNB Smart Chain after support ends will not be credited to Binance accounts and could result in the loss of funds.

The change specifically affects SOPH transactions conducted through the BNB Smart Chain network. Users should verify supported networks on Binance before making future SOPH deposits or withdrawals.

The announcement follows several Binance delistings scheduled for August 14. The exchange said it would remove the APT/BTC, AR/BTC, A/USDC, BTTC/TRY, CYBER/USDC, LPT/BTC and WAL/FDUSD spot trading pairs at 03:00 UTC.

Binance regularly evaluates its listed spot trading pairs to maintain market quality and protect users. Factors such as insufficient liquidity and low trading volume can lead the exchange to discontinue certain pairs.

Additional changes involve BitTorrent (BTTC) and Powerledger (POWR). Binance Margin is ending support for all affected Cross Margin and Isolated Margin trading pairs involving the two tokens on August 14.

Binance Flexible Loan will also close outstanding positions involving BTTC and POWR as loanable or collateral assets, while VIP Loan will close applicable positions using the tokens as collateral. Binance has advised users to repay outstanding loans before automatic closures to reduce the risk of potential losses.

Meanwhile, Binance's Bitcoin reserves have climbed significantly. CryptoQuant data cited in the report indicates that the exchange's BTC reserves reached approximately 667,500 BTC, their highest level since February. The increase is notable as crypto traders continue to closely monitor Bitcoin movements and reserve levels on centralized exchanges for potential signals about market liquidity and selling pressure.