Binance, the world’s largest cryptocurrency exchange, has announced the delisting of 23 margin trading pairs, effective on November 9. Notably, this list includes popular pairs like ADA/BUSD and meme coins DOGE/BUSD and SHIB/BUSD. Binance will facilitate the automatic closure and settlement of positions for these pairs.
Binance’s Decision and Reasons
Binance’s move to delist these trading pairs is in response to various factors, including the need to protect users and maintain high-quality trading markets. The exchange cited issues such as poor liquidity and trading volume as contributing to the decision.
Delisted Pairs Denominated in BUSD
Binance has delisted all 23 pairs denominated in BUSD, a stablecoin, and announced the discontinuation of BUSD support at the start of 2024. Users must convert their BUSD holdings to other assets before February 2024 for a seamless transition.
Among the delisted pairs are the two largest memecoins by market capitalization, Dogecoin (DOGE) and Shiba Inu (SHIB), with their respective pairs DOGE/BUSD and SHIB/BUSD also affected.
Consequences for Users
Binance Margin will execute the closure of users’ positions and conduct an automatic settlement for the specified cross and isolated margin pairs. Subsequently, these pairs will be removed from Margin trading. Users will still have the option to trade these assets using other trading pairs available on Binance Margin.
Previous Delisting Activity
This is not the first instance of Binance delisting trading pairs. Last month, the exchange removed several pairs, including 1INCH/BUSD, AERGO/BUSD, ANKR/BUSD, RARE/BUSD, SLP/BUSD, SUSHI/BUSD, and more. Binance did not disclose the exact reasons for these delistings, but the consistent aim was to protect users and maintain high-quality trading markets.
Binance’s decision to delist 23 margin trading pairs, including DOGE/BUSD and SHIB/BUSD, reflects its commitment to safeguarding users and ensuring the quality of its trading environment as the exchange prepares to phase out support for BUSD in early 2024. Users are encouraged to make necessary conversions before the specified deadline.