Binance Announces the Delisting of 15 Trading Pairs and Continues Plans to ‘Kill’ Its Cryptocurrency

Binance, the world’s largest cryptocurrency exchange, continues to remove trading pairs from its platform. According to an announcement published this Wednesday (20), another 15 pairs will be removed next Friday (22).

Since all pairs are pegged to Binance USD (BUSD), this is an indication that the exchange is really focused on ‘killing’ the use of its stablecoin.

In late August, Binance asked users to leave Binance USD (BUSD), indicating that it needed to be converted into other assets. In the statement, Binance pointed out that it would gradually phase out support for BUSD products.

In addition to removing BUSD pairs, the exchange also removed its stablecoin from other services including Earn, Pay, loans and gift card programs. In February, a US regulator banned the issuance of new Binance USD coins. Although this did not affect the price, growth was halted.

Binance announces removal of 15 cryptocurrency trading pairs

According to an official announcement, published this Wednesday (20), Binance’s move to remove 15 trading pairs is intended to “protecting users and maintaining a high-quality trading market”.

The pairs to be removed are the following:

  • ACA/BUSD;
  • ALPHA/BUSD;
  • ALPINE/BUSD;
  • ANT/BUSD;
  • ASR/BUSD;
  • ATM/BUSD;
  • BAL/BUSD;
  • DGB/BUSD;
  • FIRO/BUSD;
  • GAL/BUSD;
  • OOKI/BUSD;
  • PORTO/BUSD;
  • PSG/BUSD;
  • RVN/BUSD;
  • TWT/BUSD.

The moves will take place this Friday (22) at three different times, between midnight and 4am Brasilia time. The full statement can be found on Binance’s website.

Finally, the broker points out that the cryptocurrencies affected by the removal can still be found on the platform through other pairs. In any case, the text again recommends that users convert BUSD to other assets before February 2024.

The Binance situation

While tech and cryptocurrency giants opted to quickly cut spending as interest rates rose in the US and other countries, Binance continued to expand as far as it could.

But even Changpeng Zhao’s brokerage had to impose massive layoffs, benefit cuts and service cuts this year. This Thursday (21), Binance unveiled plans to shut down all stablecoins in Europe due to a new local regulatory framework.

In addition to the global economic situation, the CFTC and SEC lawsuits have also shaken the broker’s business. For example, BinanceUS lost 98% of its volume in the US, but this of course also had consequences for international Binance.

Therefore, this justifies the recent delisting of cryptocurrency trading pairs. In addition to the 15 pairs that will be removed this Friday (22), Binance has also announced the removal of hundreds of others in recent months.

Finally, the mention of new cryptocurrencies is becoming increasingly rare. In August, Binance listed the cryptocurrencies CyberConnect (CYBER) and Sei (SEI), but neither saw huge returns, as is often the case with such events.

Source: Live Coins

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