In a startling turn of events, Binance, the biggest cryptocurrency exchange in the world, has chosen to discontinue support for a trading pair featuring Solana (SOL). The delisting decision will be made on August 28 and applies to perpetual futures tied to Binance’s native stablecoin, Binance USD (BUSD).
Binance is simultaneously lowering this trading instrument’s maximum leverage. Leverage will be reduced by 50%, with a ceiling of 10x, during the interim period before delisting. Notably, these modifications apply to all investors, even those who had investments prior to the announcement.
Purge continues
This move is a part of a recent flurry of operations-streamlining measures taken by Binance. Targeting BUSD-linked pairings like Litecoin (LTC) and Dogecoin (DOGE), the exchange started a methodical cleansing earlier this month. Additionally, changes have been made to instruments that raise regulatory questions, such as leveraged tokens connected to Cardano (ADA).
The increased regulatory attention that Binance is presently under, notably from the SEC and the U.S. Department of Justice (DoJ), can be linked to this trend. The transaction has been the subject of many high-profile inquiries throughout the year, which has ushered in a time of conflict.
Binance has stopped accepting withdrawals and deposits in Euros (EUR) from its SEPA-enabled European users, which has added to the story. Industry experts have expressed concern about the ban, which leaves consumers without a clear timeframe for receiving their assets. Former SEC employee John Reed Stark tweeted his worries and recommended that the subject be thoroughly looked into by the appropriate regulatory bodies.
