Crypto exchange Binance is on course to discontinue certain crypto trading pairs on its exchange that involve the BUSD stablecoin. The first two pairs highlighted that will be removed from the margin trading pairs option are reportedly XRP/BUSD and BNB/BUSD pair. The deadline for the removal is set to be on November 23, 2023. The move highlights Binance’s broader plan to slowly phase out the support for the BUSD stablecoin, following the development where the issuer of the BUSD stablecoin, Paxos, announced that it would stop minting new tokens after the firm was hit with a lawsuit by the SEC where they were accused of violating federal securities law.
Users who are currently tradi犀利士5mg ng with the pairs are directed to close their positions and transfer them before the exchange automatically makes these settlements for them. The exchange will also cancel any pending orders when the delisting comes into effect.
One of the positive news in this series of events is that the XRP/USDT pair, which constitutes a significant portion of the trading volume on Binance, will not be affected in any form.
Binance has been in the cross hairs of the SEC crackdown against crypto firms that they believe are not following the SEC’s guidelines on how to carry out their crypto operations. Therefore, they don’t want to give any other reason that will see the exchange fall into hot waters again.
The exchange has been transparent in communicating these impending changes while also emphasizing the importance of asking users who are currently holding BUSD tokens to shift to other alternative currencies before February 2024. The firm is hopeful that this early announcement will give time to those who haven’t made the jump from the BUSD to any other stablecoin to do it with ample time to avoid any inconvenience in the future.
It is becoming evident from this latest news that the cryptocurrency landscape is evolving in a newer direction, and the discontinuation of these trading pairs by Binance has shown the exchange’s preference to make a shift in its operating strategy. It is also imperative to note that investors closely follow these latest developments, and this news has the potential to change the market dynamics at a broader level.
