Binance To Remove USTC, But There’s A Catch

The leading exchange, Binance, has gained notable traction lately, following the exchange facing a pivotal moment after settling a $4.3 billion deal with the US Department of Justice and other regulatory bodies. Meanwhile, this resolution also coincides with the resignation announcement of former CEO Changpeng Zhao on Tuesday.

Notably, the reins of the exchange are now in the hands of Richard Teng, who steps in as the new CEO amid this transformative period for the cryptocurrency exchange. However, amid the ongoing legal turmoil, it has once again caught the eyes of the crypto market enthusiasts with its announcement to delist several trading pairs from its platform, which includes USTC, APT, and AXS, among others.

Binance Delists USTC Among Others

According to the recent delisting announcement of Binance, it planned to delist 10 major trading pairs. Meanwhile, the exchange bids farewell to trading pairs involving Aptos (APT), Axie Infinity (AXS), Filecoin (FIL), BakerySwap (BAKE), Conflux (CFX), Chiliz (CHZ), Ethereum Classic (ETC), Gas (GAS), Tellor (TRB), and TerraClassicUSD (USTC).

Meanwhile, the removal of these pairs from the exchange reflects a strategic recalibration of Binance’s offerings, emphasizing the need for adaptability in the face of evolving market conditions. However, amid the delisting frenzy, it’s noteworthy that all the affected trading pairs are specifically tied to Binance’s stablecoin, BUSD.

This exclusivity in delisting BUSD pairs underlines Binance’s focused effort to streamline its stablecoin-related services. The decision comes as part of Binance’s meticulous review process, assessing factors like liquidity and trading volume, to uphold a high-quality trading environment for users.

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What’s Next For Binance?

The delisting announcement aligns with Binance’s comprehensive settlement with the U.S. Department of Justice (DOJ), a crucial chapter that also sees CZ stepping down from his role as CEO. Notably, the settlement, entailing a $4.3 billion fine, stems from charges related to Binance’s violation of various financial regulations. This includes allowing U.S. customers to use the platform without conducting proper know-your-customer or anti-money laundering checks.

However, as Binance undergoes this transformative phase, Richard Teng, a former Abu Dhabi regulator, assumes the role of CEO. Meanwhile, Teng’s leadership is anticipated to guide Binance through a new era, characterized by heightened regulatory compliance and a commitment to restructuring.

The exchange’s dedication to adapting to regulatory expectations is evident, not just in the delisting decision but also in the appointment of an independent compliance monitor for three years.

Also Read: Analyst Predicts Bitcoin Signals Stable OI Amid Binance Lawsuit