© Reuters.
NEW YORK – Leading cryptocurrency exchange Binance is set to remove some trading pairs involving the stablecoin BUSD, starting with margined trading pairs XRP/BUSD and BNB/BUSD on November 23. The move is part of a broader move by Binance to gradually end support for the BUSD stablecoin following Paxos’ cessation of minting new tokens earlier this year.
Users currently trading with the affected pairs on Binance’s margin platform are advised to proactively manage their positions. The exchange will automatically settle all pending trades and cancel pending orders when 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 pairs traded on Binance, such as XRP/USDT, which accounts for a significant portion of daily trading volume, will not be affected by this change. The USDT pair remains active and continues to facilitate transactions without interruption.
Binance has been transparent in communicating the upcoming changes, emphasizing the need for users holding BUSD tokens to consider converting their assets to alternative cryptocurrencies before February next year. This notice gives users ample time to make informed decisions regarding their holdings and adjust their investment strategies accordingly.
The phase-out of BUSD is a strategic move for Binance as the cryptocurrency market landscape evolves. As one of the largest platforms in the industry, Binance’s adjustments to its stablecoin offerings are closely watched by investors and could influence broader market dynamics.
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