Binance Removing ADA, MATIC, SHIB, LUNA, LUNC & 18 Other Crypto, But There’s A Catch
The world’s largest crypto exchange Binance on Wednesday said it is removing selected margin trading pairs on Binance Margin. The crypto exchange is taking down some major crypto including Cardano (ADA), Polygon (MATIC), Avalanche (AVAX), Bitcoin Cash (BCH), Chainlink (LINK), Shiba Inu (SHIB), and Dogecoin (DOGE). The prices of crypto tokens are pumping amid the crypto market recovery, but a profit booking is expected in response to Binance’s announcement.
Binance Removes Major Margin Trading Pairs
Crypto exchange Binance in an official announcement on November 1 announced the removal of cross-margin and isolated-margin trading pairs on November 9. Binance will remove some major crypto margin pairs such as BCH/BUSD, ADA/BUSD, AVAX/BUSD, BCH/BUSD, DOGE/BUSD, DOT/BUSD, FIL/BUSD, LINK/BUSD, LTC/BUSD, MATIC/BUSD, and SHIB/BUSD. The move is part of the strategy to completely end BUSD stablecoin support by February 2024.
Other margin trading pairs are AGIX/BUSD, APE/BUSD, BAKE/BUSD, FRONT/BUSD, GALA/BUSD, LUNA/BUSD, LUNC/BUSD, OP/BUSD, RUNE/BUSD, TRB/BUSD, USTC/BUSD, XLM/BUSD, and YGG/BUSD.
Users will not be able to do isolated margin borrowing for the above-mentioned crypto from November 3 at 06:00 UTC. Moreover, Binance Margin will close positions, conduct an automatic settlement, and cancel all pending orders on these cross and isolated margin pairs on November 9.
“Users will not be able to update their positions during the delisting process, and they are strongly advised to close their positions and/or transfer their assets from Margin Wallets to Spot Wallets prior to the cessation of margin trading at 2023-11-09 06:00 (UTC).”
In addition, users are requested to close their positions and transfer assets to spot wallets to prevent any potential losses.
CoinGape Media earlier reported that the exchange removed some major liquidity pools including Bitcoin (BTC), Ethereum (ETH), BNB, Cardano (ADA), Polygon (MATIC), Solana (SOL), Shiba Inu (SHIB), and Dogecoin (DOGE).
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