Certainly! Binance,
A cryptocurrency exchange, has announced that it will delist several isolated margin trading pairs, including
AAVE/BUSD, ADX/BUSD, AMP/BUSD, AR/BUSD, BADGER/BUSD, BETA/BUSD, CELR/BUSD, CHESS/BUSD, CHZ/BUSD, DEXE/BUSD, DREP/BUSD, HARD/BUSD, ILV/BUSD, IOTA/BUSD, JOE/BUSD, MBOX/BUSD, MOVR/BUSD, QI/BUSD, RPL/BUSD, SNX/BUSD, SYS/BUSD, TKO/BUSD, TOMO/BUSD, VOXEL/BUSD and WRX/BUSD at 2023-10-12 06:00 (UTC) .
This means that these pairs will no longer be available for trading on the platform.
Binance Margin will suspend isolated margin borrowing on the aforementioned isolated margin pairs at 2023-10-09 06:00 (UTC) and close usersâ positions at 2023-10-12 06:00 (UTC), conduct an automatic settlement and cancel all pending orders on the aforementioned isolated margin pairs.
These pairs will then be delisted from Isolated Margin. Users will not be able to update their positions during the delisting process and 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 2023-10-12 06:00 (UTC) .
As for why BUSD is being delisted
by Binance in general, there is no official statement from Binance regarding this matter. However, according to a news article by CryptoGlobe , Binance plans to terminate its support for its native BUSD stablecoin by 2024 and urges users to convert the token to other crypto assets. This development was revealed via a pop-up notification on the exchangeâs mobile app. Binance will stop supporting BUSD in 2024.
It is worth noting that BUSD is a stablecoin pegged to the US dollar and is issued by Paxos Trust Company . It is used as a medium of exchange in the cryptocurrency market and is designed to maintain a stable value relative to the US dollar.
Binance's decision to delist BUSD trading pairs may have been influenced by several factors such as regulatory pressure or low trading volumes. However, without an official statement from Binance regarding this matter, it is difficult to determine the exact reason behind this decision.
I hope this article helps you understand why Binance is delisting BUSD. Let me know if you have any other questions!
SOURCES:
(1) Binance to 'Gradually' End Support for BUSD Products - CoinDesk. https://www.coindesk.com/business/2023/08/31/binance-to-gradually-end-support-for-busd-products/.
(2) Binance To Delist Eight BUSD Trading Pairs Soon, End Full ... - NewsBTC. https://www.newsbtc.com/binance/binance-to-delist-eight-busd-trading-pairs-soon-end-full-busd-support-by-2024/.
(3) Binance to Delist 9 BUSD Margin Trading Pairs in September, Hereâs Why. https://coinedition.com/binance-to-delist-9-busd-margin-trading-pairs-in-september-heres-why/.
(4) Binance To Delist 8 BUSD Trading Pairs: Hereâs Everything Traders .... https://coinpedia.org/news/binance-to-delist-8-busd-trading-pairs-heres-everything-traders-should-know/.
