Binance To Delist Eight BUSD Trading Pairs Soon, End Full BUSD Support By 2024
30 Agosto 2023 - 9:00AM
NEWSBTC
The world’s largest exchange, Binance, has announced plans to
delist eight Binance USD (BUSD) trading pairs as the company looks
to withdraw full support of the stablecoin by 2024. This follows
increased regulatory pressure on the stablecoin in 2023, which has
led to a drastic decline in its market share so far. Binance
To Delete Nine Margin Trading Pairs By September 7 In a blog post
on Wednesday, Binance laid out intentions to delist eight BUSD
cross margin and isolated trading pairs. These include AMB/BUSD,
DASH/BUSD, FIDA/BUSD, HARD/BUSD, HOT/BUSD, NULS/BUSD, PORTO/BUSD
and REQ/BUSD. In addition, the exchange will also be deleting the
IOST/BTC margin trading pair. Related Reading: Binance Will
Halt These 39 Liquidity Mining Pools This Week According to
Binance, the delisting process will occur in two stages. Firstly,
the exchange will suspend all isolated margin borrowing for these
specific pairs on September 1, 2023, at 06:00 (UTC). Thereafter,
Binance will close all users’ positions, terminate any pending
order, and enable an automatic settlement before proceeding to
delist these pairs from its isolated margin market on September 7,
2023, at 06:00 (UTC). On the same day and at the same time, these
trading pairs will also be removed from Binance’s cross margin
market. Binance has stated that users would not be permitted
to modify their trading positions during the delisting procedure.
Thus, they are advised to close all open positions and transfer
their assets from margin wallets to spot wallets prior to September
7 to avoid any possible losses. In the announcement, the exchange
did not state a specific reason for delisting eight BUSD pairs at
once. However, emerging reports indicate that this move is part of
a much larger plan by the crypto exchange. BUSD market cap
valued at $3.101 billion on the daily chart | Source: BUSD chart on
Tradingview.com Binance To Cease Full Support For BUSD In 2024?
According to several posts on the social media platform X, Binance
plans to terminate its support for its native BUSD stablecoin by
2024, urging users to convert the token to other crypto assets.
This development was revealed via a pop-up notification on the
exchange’s mobile app. Although there was no specific date in the
notification, it was stated that Paxos Trust, BUSD’s issuer and
operator, will stop BUSD redemption by February 2024. Following
this, Binance will gradually withdraw its support for the
stablecoin. As earlier stated, the BUSD token has been affected by
the high level of regulatory scrutiny faced by the cryptocurrency
industry in 2023. Related Reading: Bitcoin Cash (BCH) Records
Surprising 15% Rally – What’s Behind It? In February, the New York
Department of Financial Services ordered Paxos to halt the issuance
of BUSD, citing “several unresolved issues related to Paxos’
oversight of its relationship with Binance regarding Paxos-issued
BUSD.” Following this directive, BUSD has lost over 80% of its
market cap, falling from $16.13 billion on February 9 to its
current value of $3.1 billion based on data from Tradingview.
Featured image from Binance, chart from Tradingview
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