Fellow Binancians,
Binance Margin and Binance Futures will be delisting BUSD in accordance with the following timelines.
Margin:
At 2023-12-01 06:00 (UTC), Binance Margin will suspend BUSD/USDT isolated margin borrowing.
At 2023-12-11 09:00 (UTC), Binance Margin will close users’ positions, conduct an automatic settlement and cancel all pending orders on the BUSD/USDT and TUSD/BUSD cross margin pairs, as well as the BUSD/USDT isolated margin pair. If users have any outstanding Cross Margin or Isolated Margin loans, both the delisted assets and any other assets held in their Cross and Isolated Margin accounts may be sold to repay the outstanding liabilities. These pairs will then be removed from Cross Margin and Isolated Margin.
Please note that 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 2023-12-11 09:00 (UTC). Binance Margin will not be responsible for any potential losses.
Portfolio Margin users are advised to transfer the tokens mentioned above out of their Margin Wallet to their Spot Wallet and to top up their margin balance before 2023-12-11 09:00 (UTC) where applicable. Users should monitor the Unified Maintenance Margin Ratio (Uni-MMR) closely to avoid any potential liquidation that may result from the removal of the tokens mentioned above from the Margin Wallet.
All BUSD balances in Cross Margin Wallets under the Portfolio Margin account will be automatically converted to USDT from 2023-12-11 09:00 (UTC). The conversion may take approximately 24 hours or longer. Binance Margin will not be liable for any losses on new positions during this period that may incur due to the conversion of funds. Refer to this FAQ for more information.
Futures:
Binance Futures will adjust the leverage and margin tiers of the USDⓈ-M BTCBUSD, ETHBUSD, BNBBUSD and XRPBUSD Perpetual Contracts at 2023-11-24 14:00 (UTC), as per the tables below. Existing positions opened before the update will be affected. It is strongly advised to adjust the position and leverage prior to the adjustment in order to avoid any potential liquidation.
The fee structure for USDT-Margined Contracts will apply to the ETHBTC Linear Perpetual Contract approximately starting from 2023-12-07 10:00 (UTC). Prior to this time, the fee structure for BUSD-Margined Contracts applies to the ETHBTC Linear Perpetual Contract.
Binance Futures will suspend trading for the aforementioned BUSD-Margined Perpetual Contracts on the following dates. Please note that users are allowed to close any existing positions after this time.
Binance Futures will close all positions, conduct an automatic settlement and cancel all pending orders on the aforementioned BUSD-Margined Perpetual Contracts, and delist these contracts after the settlement is complete on the following dates:
At 2023-12-08 06:00 (UTC): USDⓈ-M BNBBUSD and XRPBUSD Perpetual Contracts
At 2023-12-11 06:00 (UTC): USDⓈ-M BTCBUSD and ETHBUSD Perpetual Contracts
Users are advised to close any open positions prior to the respective delisting timings to avoid automatic settlement. Please refer to the delisting process of futures contracts for more details.
In order to protect users and prevent potential risks in extremely volatile market conditions, Binance Futures may undertake additional protective measures toward the aforementioned BUSD-Margined Perpetual Contracts without further announcement, including but not limited to adjusting the maximum leverage value, position value, and maintenance margin in each margin tier, updating funding rates such as the interest rate, premium and capped funding rate, changing the constituents of the price index, and using the Last Price Protected mechanism to update the Mark Price.
Binance Futures will discontinue support for BUSD as a margin asset in the Multi-Assets Mode at 2023-12-11 10:00 (UTC). BUSD transfers to USDⓈ-M Futures wallets will not be supported after 2023-12-11 10:00 (UTC).
Binance Futures will automatically convert any remaining BUSD balances in USDⓈ-M Futures wallets to USDT at a 1:1 ratio starting from 2023-12-14 03:00 (UTC). The conversion will take approximately 24 hours.
Users are strongly encouraged to top up BUSD before 2023-12-11 10:00 (UTC) if they have a negative BUSD balance in their USDⓈ-M Futures wallets.
Please note that the conversion may not be reflected in the Transaction History.
In addition, users are strongly advised not to add any new futures positions during the conversion period to avoid any potential losses. Binance will not be liable for any losses for new positions during this period that may incur due to the conversion of funds.
Users may refer to this announcement for further information.
Note: Where any discrepancy arises between the translated versions and the original English version, the English version shall prevail.
Thanks for your support!
Binance Team
2023-11-24
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Binance reserves the right in its sole discretion to amend or cancel this announcement at any time and for any reasons without prior notice.
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