Binance Removes Major Margin Trading Pairs
Binance, the world’s largest crypto exchange, has announced that it will be removing selected margin trading pairs on Binance Margin. The affected cryptocurrencies include Cardano (ADA), Polygon (MATIC), Avalanche (AVAX), Bitcoin Cash (BCH), Chainlink (LINK), Shiba Inu (SHIB), and Dogecoin (DOGE).
Changes to Margin Trading Pairs
In an official announcement, Binance revealed that it will be removing cross-margin and isolated-margin trading pairs on November 9. This includes major crypto margin pairs such as BCH/BUSD, ADA/BUSD, AVAX/BUSD, DOGE/BUSD, DOT/BUSD, FIL/BUSD, LINK/BUSD, LTC/BUSD, MATIC/BUSD, and SHIB/BUSD. This decision is part of Binance’s strategy to completely end BUSD stablecoin support by February 2024.
What You Need to Know
From November 3 at 06:00 UTC, users will no longer be able to do isolated margin borrowing for the affected cryptocurrencies. Binance Margin will close positions, conduct automatic settlements, and cancel all pending orders for these margin pairs on November 9. It is strongly advised that users close their positions and transfer their assets from Margin Wallets to Spot Wallets before the cessation of margin trading.
Prevent Potential Losses
To prevent any potential losses, users are requested to close their positions and transfer their assets to spot wallets.
Hot Take: Binance Streamlines Margin Trading
Binance’s decision to remove selected margin trading pairs is part of its efforts to streamline its margin trading offerings. By focusing on a narrower selection of trading pairs, Binance aims to enhance the efficiency and stability of its platform. This move aligns with Binance’s long-term strategy to provide a seamless trading experience for its users. While some traders may be affected by the removal of these margin pairs, it is important to note that Binance continues to offer a wide range of other trading options and cryptocurrencies.
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