There is a STEEM-SBD pair using the internal market with no fees, no censorship, etc. I don't really see what STEEM-SBD pairs on centralized exchanges would add. Now SBD-USD pairs or that sort of thing could definitely be more useful.
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Obviously that would eliminate unnecessary withdrawal fees when moving coins back and forth between steemit.com and the exchange... Trading fee is in some cases less than withdrawal fee.