- Binance, the leading cryptocurrency exchange in terms of trading volume, has made an announcement regarding the removal of eight trading pairs involving BUSD (Binance USD) from its margin trading platform.
- The decision to delist these pairs comes in light of increased regulatory scrutiny and recent concerns surrounding BNB, Binance’s native token.
Binance, the leading cryptocurrency exchange in terms of trading volume, has made an announcement regarding the removal of eight trading pairs involving BUSD (Binance USD) from its margin trading platform. The decision to delist these pairs comes in light of increased regulatory scrutiny and recent concerns surrounding BNB, Binance’s native token.
According to the official statement, the affected trading pairs include FARM/BUSD, LSK/BUSD, MBL/BUSD, PLA/BUSD, PUNDIX/BUSD, and SC/BUSD in isolated margin trading, as well as MBL/BUSD and PUNDIX/BUSD in cross margin trading. This delisting will be implemented starting from 6:00 a.m. UTC on June 22, 2023.
Prior to the delisting, Binance has provided a timeline outlining the steps involved in the process. Beginning at 6:00 a.m. UTC on June 16, 2023, the platform will suspend isolated margin borrowing for the specified pairs. Six days later, at the same time, Binance will automatically close users’ positions, cancel any pending orders, and ultimately eliminate these pairs from the isolated margin platform. Concurrently, the MBL/BUSD and PUNDIX/BUSD cross margin pairs will also be delisted from cross margin trading.
It’s important to note that users will be unable to make updates to their positions during this procedure. Binance strongly advises traders to close their positions and transfer their assets from Margin Wallets to Spot Wallets before margin trading ceases on June 22, 2023, to mitigate potential losses.
The decision to delist these trading pairs takes place within a larger context of growing regulatory scrutiny on the exchange. Binance has been the subject of numerous investigations and warnings from regulatory authorities across different countries due to concerns about potential violations of local laws and regulations. Additionally, allegations have emerged suggesting that Binance might have engaged in market manipulation to sustain the price of its native token, BNB. These allegations have sparked controversy and added to the challenges faced by the exchange.
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