Binance To Delist BTC And ETH Margin Trading Pairs Amid Legal Woes

As of today, November 23, Binance, one of the world’s leading cryptocurrency exchanges, issued a statement claiming that the firm now plans to delist BTC/BUSD and ETH/BUSD cross-margin and isolated margin pairs.

The aforementioned decision to delist margin trading pairs seems to come forth as a result of the recent money laundering saga orbiting the cryptocurrency exchange.

Moreover, the delisting announcement nabbed significant attention among crypto market enthusiasts as Binance recently announced plans to delist some of the major trading pairs on its platform.

A Closer Look Into Today’s Delisting Announcement

As per the statement issued by Binance, Binance Margin will delist the BTC/BUSD and ETH/BUSD cross-margin and isolated margin pairs on December 7, 2023, at 06:00 (UTC).

Furthermore, the crypto exchange is setting its sights on closing users’ positions, conducting an automatic settlement, and canceling all pending orders on the aforementioned cross and isolated margin pairs. Subsequently, these trading pairs will be removed from the platform following the completion of payment settlements.

Meanwhile, Binance notified its users that trading for the abovementioned assets can be done on other available trading pairs listed on Binance Margin.

Binance advises its users to close their positions or transfer their assets from Margin Wallets to Spot Wallets prior to the cessation of margin trading, as updating users’ positions during the delisting process would not be possible.

Also read: KyberSwap Faces $46 Million Crypto Hack Triggering Concerns In DeFi Space

Binance Nabs Significant Attention Across Global Crypto Markets

Binance has created quite the buzz within the cryptocurrency universe recently due to the exchange’s money laundering probe.

Following the money laundering probe where Binance agreed to pay a $4.3 billion settlement to the US Department of Justice (DoJ), the exchange noted significant cryptocurrency outflows.

Furthermore, the abovementioned delisting of margin trading pairs comes subsequent to the recent removal of Aptos (APT), and Axie Infinity (AXS) trading pairs, among many others.

The delisting of these pairs signifies Binance’s strategic adjustment, highlighting the importance of adaptability to changing market conditions. It’s worth mentioning that, during this delisting frenzy, all impacted trading pairs are specifically linked to Binance’s stablecoin, BUSD.

Also read: Robert Kiyosaki Sees Bitcoin As Savior Amid Inflationary Pressures