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Crypto exchange Binance continues to make moves with BUSD. The exchange recently announced that two important trading pairs, BTC/BUSD and ETH/BUSD, will be removed from margin trading. The exchange also revealed important dates.
Binance’s New BUSD Announcement
In a recent update, Binance officially announced that BTC/BUSD and ETH/BUSD cross-margin and isolated-margin trading pairs will be removed from margin trading starting from 09:00 on December 7, 2023, Turkish time. This decision comes with several important dates and actions that users need to be aware of for a smooth transition.
To facilitate a seamless transition, Binance has identified specific dates that users need to pay attention to. Starting from 09:00 on November 28, 2023, Turkish time, borrowing on the affected pairs, namely BTC/BUSD and ETH/BUSD, will be temporarily suspended.
On the delisting day, December 7, 2023, at 09:00 Turkish time, Binance will begin closing users’ positions, performing automatic settlements, and canceling all pending orders related to BTC/BUSD and ETH/BUSD cross-margin and isolated-margin pairs. As a result, these pairs will be removed from margin trading.
User Recommendations and Precautions
Crypto exchange Binance reminded its users of the precautions they need to take. While the affected pairs will be delisted, users will still be able to trade BTC and ETH in other trading pairs within Binance Margin.
Binance also emphasized that users will not be able to modify their positions during the delisting process. Therefore, the exchange reminded users that they need to close their existing positions or transfer their assets from Margin Wallets to Spot Wallets before the suspension of margin trading at 09:00 on December 7, 2023, Turkish time.
Binance stressed that users are responsible for managing their positions and that any potential losses will be their own responsibility.
Binance’s transparent communication aims to assist users in efficiently managing the delisting process and ensuring a smooth transition for all participants.