coinedition.com
In an official announcement, the largest crypto exchange, Binance, revealed its decision to delist several margin trading pairs. The pairs to be delisted largely comprise the trading pairs of Binance stablecoin, BUSD.
According to the notification, the affected pairs include AMB/BUSD, DASH/BUSD, FIDA/BUSD, HARD/BUSD, HOT/BUSD, IOST/BTC, NULS/BUSD, PORTO/BUSD, and REQ/BUSD.
The deletion of these pairs applies to Binance cross-margin and isolated margin trading. The exchange noted that the change will take effect about a week from now. In particular, the BUSD pairs will be delisted on September 7, 2023, at 06:00 (UTC).
Notably, Binance is taking a two-step approach to manage the transition. First, the exchange will suspend isolated margin borrowing for the mentioned pairs starting September 1. After that, it will close users’ positions with automatic settlement while canceling all pending orders. This will take effect on September 7.
Moreover, the exchange noted that the affected pairs will be removed from the cross-margin trading category simultaneously. Meanwhile, Binance clarified that users cannot update their positions while the delisting process is underway.
Before the margin trading cessation, Binance advises its users to take preemptive action. It includes closing their positions or transferring their assets from Margin Wallets to Spot Wallets. The exchange stated it would not take responsibility for any potential losses incurred due to the delisting process.
Nonetheless, Binance users will still have the option to trade the affected assets on other trading pairs on the platform.
Binance did not explicitly state its reason for delisting the nine BUSD pairs. Meanwhile, it is worth noting that Binance stablecoin BUSD has come under regulatory fire this year. The event saw BUSD lose over $30 billion of its January market share.