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According to recent announcements made by Binance as of October 18, 2023, the organization is planning to delist multiple trading pairs, which have sparked speculations among crypto market enthusiasts. In their latest announcement, Binance said that it would remove pairs like TRX/BUSD, ATOM/BUSD, HBAR/BUSD, LDO/BUSD, and LEVER/BUSD, among others, cross margin and isolated margin pairs on October 26, 2023, at 06:00 UTC.
Binance Embarks on Margin Trading Cessation
The world’s largest crypto exchange, Binance, stated that the firm is all set to suspend isolated margin borrowing of the above-mentioned pairs from October 20, 2023, at 06:00 (UTC).
Moreover, Binance Margin, a platform that enables users to borrow funds and helps them engage in margin trading, announced that it would be closing all users’ positions and conducting an automatic settlement while also canceling all pending orders on the aforestated cross and isolated margin pairs. In addition to this, the above-mentioned pairs will be removed from the Margin as of October 26, 2023, at 06:00 (UTC). However, users could still trade the aforestated assets on other trading pairs available on Binance Margin.
The firm notified its users not to update their positions during the delisting process, instead, it strongly advised its users to close their positions and/or transfer their assets from Margin Wallets to Spot Wallets before the cessation of margin trading on October 26, 2023; 06:00 (UTC).
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Binance halts operations revolving around BUSD
Binance’s decision to halt all operations revolving around particular margin trading pairs comes in alignment with the recent announcement of the firm’s decision to end support for BUSD, a fiat-backed stablecoin issued by Binance and Paxos. The decision to end support for BUSD originated from the growing regulatory challenges emerging in multiple countries. The main objective behind the move to end support for BUSD was to minimize the regulatory risks and safeguard its users and partners to ensure the uninterrupted and smooth functioning of operations in the firm.
Earlier this year, Binance also delisted Litecoin (LTC) and Dogecoin (DOGE) perpetual, LTCBUSD, and DOGEBUSD, probably due to the downfall of BUSD, and notified users with similar requests to that of today.
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