- Binance delists multiple trading pairs, including those with BUSD.
- The exchange cited concerns over liquidity and trading volume for the decision.
- Traders are urged to update strategies and consider alternatives.
Crypto giant Binance has recently decided to delist several trading pairs, including many pairs involving Binance USD (BUSD), a stablecoin with regulatory challenges.
Here’s what you need to know about the decisions and the steps you need to take to keep your assets safe.
Binance Delists Multiple Trading Pairs, Including BUSD
On Wednesday, September 6, Binance revealed its decision to delist multiple spot trading pairs due to poor liquidity and trading volume. The affected pairs include AUDIO/BUSD, BAT/BUSD, and many others, with removals scheduled at different times on September 8.
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Here’s a complete list of the trading pairs that Binance will remove at various times on Friday, September 8:
05:00 (UTC): AUDIO/BUSD, BAT/BUSD, BSW/BUSD, CITY/BUSD, CVX/BUSD, FORTH/BUSD, JUV/BUSD, MOB/BUSD
07:00 (UTC): OGN/BUSD, OMG/BUSD, PLA/BUSD, POLS/BUSD, REI/BUSD, RSR/BUSD, SCRT/BUSD, TVK/BUSD
09:00 (UTC): ADA/BIDR, MATIC/BIDR, UTK/BUSD, ZIL/BIDR
Importantly, while these pairs will be removed, the tokens remain available on Binance Spot. Users can still trade the base and quote assets of the delisted pairs on other available trading pairs.
Additionally, as a part of this transition, Binance will terminate Spot Trading Bots services for the delisted pairs. Therefore, the exchange urged users to update or cancel their bots to prevent potential losses.
What You Need to Do if You Hold BUSD or Other Delisted Tokens
Interestingly, many trading pairs involve Binance USD (BUSD) tokens. Launched in collaboration with Paxos, BUSD became one of the preferred stablecoins on the exchange. That is until Paxos came under scrutiny from New York regulators.
Due to these issues, Binance revealed plans to gradually discontinue support for BUSD by February 2024. In light of this fact, here’s what holders of the tokens about to be delisted should do as soon as possible:
- Review Your Holdings: First and foremost, check if you hold any of the trading pairs that Binance is delisting. Make a list and note the quantities.
- Consider Alternatives: While the delisted pairs will no longer be available for trading, the individual tokens remain accessible on Binance Spot. Explore other trading pairs that involve the base or quote assets of the delisted pairs.
- Update Trading Bots: If you use Spot Trading Bots on Binance, ensure they are not set to trade the delisted pairs. To avoid potential losses, update or cancel these bots before the specified termination times.
- BUSD Assets: Given the regulatory challenges surrounding BUSD, consider converting your BUSD holdings into other stablecoins or assets on Binance. Remember, Binance has encouraged users to make this transition before February 2024.
- Stay Informed: Regularly check Binance’s official announcements and updates. The crypto landscape is dynamic, and staying updated will help you make informed decisions.
On the Flipside
- While delisting trading pairs is disruptive to traders, it is a routine practice among crypto exchanges.
- The challenges faced by BUSD highlight the increasing scrutiny of stablecoins by regulators.
Why This Matters
The decision to delist certain trading pairs, especially those involving its own stablecoin, BUSD, will affect all traders that hold these tokens. Understanding this decision is crucial to avoid losses.
Read more about Binance’s imminent delisting of BUSD:
The End of BUSD on Binance: What Holders Need to Know
Read more about the reality show that wants to bring crypto to the mainstream:
Crypto Shark Tank: ‘The Next Crypto’ Gem Set to Premiere Globally
