With BUSDA, Binance is discontinuing a number of trade pairings and running into regulatory issues. You must be aware of the following.
Key Points
- Several trading pairs, including those involving BUSD, are delisted by Binance.
- For its decision, the exchange highlighted worries about trading volume and liquidity.
- Traders are asked to revise their plans and weigh their options.
Recently, Binance made the decision to remove a number of trade pairings from its platform, many of which involved the unstablecoin Binance USD (BUSD), which has regulatory issues.
What you need to know about the choices and actions you must take to safeguard your assets is provided here.
Multiple trading pairs, including BUSD, are delisted by Binance.
Due to low trading activity and liquidity, Binance decided to delist a number of spot trading pairs on Wednesday, September 6. There will be removals on September 8 at various times for the affected pairings, which also include AUDIO/BUSD, BAT/BUSD, and numerous more.
The full list of trade pairings that Binance will discontinue on Friday, September 8 at various times is as follows:
As at 5:00 a.m. (UTC): AUDIO/BUSD, BAT/BUSD, BSW/BUSD, CITY/BUSD, CVX/BUSD, FORTH/BUSD, JUV/BUSD, and MOB/BUSD
OGN/BUSD, OMG/BUSD, PLA/BUSD, POLS/BUSD, REI/BUSD, RSR/BUSD, SCRT/BUSD, and TVK/BUSD are all trading at 07:00 (UTC).
ADA/BIDR, MATIC/BIDR, UTK/BUSD, and ZIL/BIDR at 9:00 UTC
Importantly, the tokens are still accessible on Binance Spot even though these pairs will be eliminated. Users can still trade the delisted pairs’ base and quote assets on other trading pairs that are still available.
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Binance will also stop providing Spot Trading Bots services for the delisted pairings as part of this move. In order to avoid potential losses, the exchange advised users to upgrade or cancel their bots.
What Must Be Done if You Possess BUSD or Other Delisted Tokens
Unexpectedly, Binance USD (BUSD) tokens are used in a lot of trading pairs. BUSD, which was introduced in association with Paxos, quickly rose to the top of the exchange’s stablecoin list. That is, up until New York regulators began to investigate Paxos.
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These problems caused Binance to announce intentions to eventually stop supporting BUSD by February 2024. Given this information, the following should be done as soon as feasible by owners of the tokens that are due to be delisted:
- First and foremost, determine whether you own any of the trading pairs that Binance is delisting. List the items and include the quantities.
- Think about alternatives: The individual tokens can still be accessed on Binance Spot even though the delisted pairs will no longer be available for trading. Investigate alternative trading pairs that contain the base or quote assets of the delisted pairs.
- Trading Bots Update: Make sure your Spot Trading Bots on Binance are not configured to trade the delisted pairs if you use them. Update or terminate these bots before the given termination times to prevent any losses.
- BUSD Assets: Considering transferring your BUSD holdings into other stablecoins or assets on Binance, given the regulatory difficulties with BUSD. Keep in mind that Binance has urged customers to make the switch before February 2024.
- Stay Up to Date: Keep up with Binance’s official updates and announcements. The cryptocurrency landscape is evolving, so staying informed will aid you in making wise choices.
Be diligent and make your move
All traders who own these tokens will be impacted by the move to delist specific trading pairs, particularly those using its own stablecoin, BUSD. To prevent losses, it is vital to comprehend this choice.
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