Published Nov 15, 2023 01:42PM ET
NEW YORK - Leading cryptocurrency exchange Binance is set to remove certain trading pairs involving the BUSD stablecoin, starting with XRP/BUSD and BNB/BUSD margin trading pairs on November 23. This decision is part of a broader move by Binance to gradually end support for the BUSD stablecoin following Paxos's cessation of minting new tokens earlier this year.
Users who are currently trading with the affected pairs on Binance's margin platform are advised to proactively manage their positions. The exchange will automatically settle any outstanding trades and cancel pending orders when the delisting takes effect. Traders have the option to close their positions or transfer them before the delisting date to avoid automatic settlement.
It is important to note that other XRP trading pairs on Binance, such as XRP/USDT, which accounts for a significant portion of daily trading volume, will not be impacted by this change. The USDT pair remains active and continues to facilitate trades without disruption.
Binance has been transparent in communicating the upcoming changes, emphasizing the need for users holding BUSD tokens to consider converting their assets into alternative cryptocurrencies before February of next year. This advance notice provides ample time for users to make informed decisions regarding their holdings and adjust their investment strategies accordingly.
The phased discontinuation of BUSD is a strategic shift for Binance as the crypto market landscape evolves. As one of the largest platforms in the industry, Binance's adjustments in its stablecoin offerings are closely watched by investors and could influence broader market dynamics.
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