Binance Delists Eight BUSD Trading Pairs
Binance, the world’s largest exchange, has announced plans to delist eight Binance USD (BUSD) trading pairs as part of its withdrawal of support for the stablecoin by 2024. The move comes after increased regulatory pressure on the stablecoin, resulting in a significant decline in its market share.
Main Points:
- Binance will delist eight BUSD cross margin and isolated trading pairs, including AMB/BUSD, DASH/BUSD, FIDA/BUSD, HARD/BUSD, HOT/BUSD, NULS/BUSD, PORTO/BUSD, and REQ/BUSD. The exchange will also delete the IOST/BTC margin trading pair.
- The delisting process will occur in two stages, with isolated margin borrowing suspended on September 1, 2023, and positions closed and orders terminated on September 7, 2023.
- Users are advised to close all open positions and transfer assets from margin wallets to spot wallets before September 7 to avoid possible losses.
Binance to Cease Full Support for BUSD in 2024
Binance plans to terminate its support for its native BUSD stablecoin by 2024, according to social media posts and a pop-up notification on the exchange’s mobile app. The notification did not provide a specific date, but stated that Paxos Trust, the issuer and operator of BUSD, will stop BUSD redemption by February 2024.
Hot Take:
Binance’s decision to delist multiple BUSD trading pairs and withdraw support for BUSD altogether demonstrates the impact of regulatory pressure on stablecoins. As the crypto industry faces increased scrutiny, exchanges are taking steps to comply with regulations and protect their users. This move by Binance may be part of a larger strategy to ensure compliance and maintain a strong market position.
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