The removal of eight BUSD trading pairs from Binance’s margin trading platform has been announced. Binance is the largest cryptocurrency exchange in the world by trading volume. The action is being taken in response to increased regulatory scrutiny and recent problems with BNB, the exchange’s native coin.
According to the official notification, the delisted pairs for cross margin trading are MBL/BUSD and PUNDIX/BUSD and for isolated margin trading, they are FARM/BUSD, LSK/BUSD, MBL/BUSD, PLA/BUSD, PUNDIX/BUSD, and SC/BUSD. The date of this judgement is June 22, 2023, at 6:00 a.m. UTC.
Binance has provided a timeframe for the delisting procedure prior to this. On June 16, 2023, at 6:00 a.m. UTC, the platform will stop allowing isolated margin borrowing for the specified pairings. Binance will automatically terminate users’ holdings, cancel outstanding orders, and finally remove these pairs from its segregated margin platform six days later, at the same time. This will happen at the same time as cross margin trading for the cross margin pairings MBL/BUSD and PUNDIX/BUSD is discontinued.
Users won’t be able to change their positions while this is happening. Prior to the end of margin trading on June 22, 2023, Binance strongly urges traders to liquidate their positions and move their assets from Margin Wallets to Spot Wallets to prevent any losses.
The delisting takes place against a backdrop of heightened regulatory pressure on the exchange. Due to suspected violations of local laws and regulations, Binance has been the subject of several investigations and warnings from regulatory organisations throughout the world. Concurrently, suspicions that Binance may have engaged in market manipulation to preserve the value of its native coin, BNB, have sparked debate.
