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Binance To Delist Eight BUSD Trading Pairs Soon, End Full BUSD Support By 2024
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Binance To Delist Eight BUSD Trading Pairs Soon, End Full BUSD Support By 2024

Semilore Faleti
Semilore Faleti
1 year ago
3 mins read
Binance

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The world’s largest exchange, Binance, has announced plans to delist eight Binance USD (BUSD) trading pairs as the company looks to withdraw full support of the stablecoin by 2024. This follows increased regulatory pressure on the stablecoin in 2023, which has led to a drastic decline in its market share so far. 

Binance To Delete Nine Margin Trading Pairs By September 7

In a blog post on Wednesday, Binance laid out intentions to delist eight BUSD cross margin and isolated trading pairs. These include AMB/BUSD, DASH/BUSD, FIDA/BUSD, HARD/BUSD, HOT/BUSD, NULS/BUSD, PORTO/BUSD and REQ/BUSD. In addition, the exchange will also be deleting the IOST/BTC margin trading pair. 

Related Reading: Binance Will Halt These 39 Liquidity Mining Pools This Week

According to Binance, the delisting process will occur in two stages. Firstly, the exchange will suspend all isolated margin borrowing for these specific pairs on September 1, 2023, at 06:00 (UTC).

Thereafter, Binance will close all users’ positions, terminate any pending order, and enable an automatic settlement before proceeding to delist these pairs from its isolated margin market on September 7, 2023, at 06:00 (UTC). On the same day and at the same time, these trading pairs will also be removed from Binance’s cross margin market. 

Binance has stated that users would not be permitted to modify their trading positions during the delisting procedure. Thus, they are advised to close all open positions and transfer their assets from margin wallets to spot wallets prior to September 7 to avoid any possible losses.

In the announcement, the exchange did not state a specific reason for delisting eight BUSD pairs at once. However, emerging reports indicate that this move is part of a much larger plan by the crypto exchange. 

Binance

BUSD market cap valued at $3.101 billion on the daily chart | Source: BUSD chart on Tradingview.com

Binance To Cease Full Support For BUSD In 2024?

According to several posts on the social media platform X, Binance plans to terminate its support for its native BUSD stablecoin by 2024, urging users to convert the token to other crypto assets. This development was revealed via a pop-up notification on the exchange’s mobile app.

https://twitter.com/btv_Dao/status/1696862252266090878

Although there was no specific date in the notification, it was stated that Paxos Trust, BUSD’s issuer and operator, will stop BUSD redemption by February 2024. Following this, Binance will gradually withdraw its support for the stablecoin.

As earlier stated, the BUSD token has been affected by the high level of regulatory scrutiny faced by the cryptocurrency industry in 2023. 

Related Reading: Bitcoin Cash (BCH) Records Surprising 15% Rally – What’s Behind It?

In February, the New York Department of Financial Services ordered Paxos to halt the issuance of BUSD, citing “several unresolved issues related to Paxos’ oversight of its relationship with Binance regarding Paxos-issued BUSD.”

Following this directive, BUSD has lost over 80% of its market cap, falling from $16.13 billion on February 9 to its current value of $3.1 billion based on data from Tradingview.

Featured image from Binance, chart from Tradingview
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Semilore Faleti
Semilore Faleti

Semilore Faleti

Semilore Faleti is a cryptocurrency writer specialized in the field of journalism and content creation. While he started out writing on several subjects, Semilore soon found a knack for cracking down on the complexities and intricacies in the intriguing world of blockchains and cryptocurrency.

Read more

Semilore is drawn to the efficiency of digital assets in terms of storing, and transferring value. He is a staunch advocate for the adoption of cryptocurrency as he believes it can improve the digitalization and transparency of the existing financial systems.

In two years of active crypto writing, Semilore has covered multiple aspects of the digital asset space including blockchains, decentralized finance (DeFi), staking, non-fungible tokens (NFT), regulations and network upgrades among others.

In his early years, Semilore honed his skills as a content writer, curating educational articles that catered to a wide audience. His pieces were particularly valuable for individuals new to the crypto space, offering insightful explanations that demystified the world of digital currencies.

Semilore also curated pieces for veteran crypto users ensuring they were up to date with the latest blockchains, decentralized applications and network updates. This foundation in educational writing has continued to inform his work, ensuring that his current work remains accessible, accurate and informative.

Currently at NewsBTC, Semilore is dedicated to reporting the latest news on cryptocurrency price action, on-chain developments and whale activity. He also covers the latest token analysis and price predictions by top market experts thus providing readers with potentially insightful and actionable information.

Through his meticulous research and engaging writing style, Semilore strives to establish himself as a trusted source in the crypto journalism field to inform and educate his audience on the latest trends and developments in the rapidly evolving world of digital assets.

Outside his work, Semilore possesses other passions like all individuals. He is a big music fan with an interest in almost every genre. He can be described as a “music nomad” always ready to listen to new artists and explore new trends.

Semilore Faleti is also a strong advocate for social justice, preaching fairness, inclusivity, and equity. He actively promotes the engagement of issues centred around systemic inequalities and all forms of discrimination.

He also promotes political participation by all persons at all levels. He believes active contribution to governmental systems and policies is the fastest and most effective way to bring about permanent positive change in any society.

In conclusion, Semilore Faleti exemplifies the convergence of expertise, passion, and advocacy in the world of crypto journalism. He is a rare individual whose work in documenting the evolution of cryptocurrency will remain relevant for years to come.

His dedication to demystifying digital assets and advocating for their adoption, combined with his commitment to social justice and political engagement, positions him as a dynamic and influential voice in the industry.

Whether through his meticulous reporting at NewsBTC or his fervent promotion of fairness and equity, Semilore continues to inform, educate, and inspire his audience, striving for a more transparent and inclusive financial future.

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