Binance, the world’s largest cryptocurrency broker, will remove 19 trading pairs this Friday (6). The decision does not appear to be related to the cryptocurrencies on the list, but rather to the stablecoin Binance USD (BUSD), which is being abandoned by the broker.
In recent months, the giant has already removed more than 100 pairs from its platform. This week it also placed 4 cryptocurrencies on a watchlist, citing the risk of their removal.
The position is also copied by competitors. Also this week, Coinbase announced the removal of 80 cryptocurrency pairs from its books, citing an effort to consolidate market liquidity.
Binance removes another 19 cryptocurrency trading pairs
The decision, which was announced on Wednesday (4), will affect 19 cryptocurrencies. However, these can still be traded through other pairs. The removal will take place in the early hours of next Friday (6).
The list of cryptocurrency pairs to delete is as follows:
- 1 INCH/BUSD
- AERGO/BUSD
- ANKR/BUSD
- DATA/BUSD
- DAY/BUSD
- ERN/BUSD
- IOST/BUSD
- KP3R/BUSD
- LOKA/BUSD
- LRC/BUSD
- LTO/BUSD
- MDX/BUSD
- OM/BUSD
- POLYX/BUSD
- RARE/BUSD
- SLP/BUSD
- SUSHI/BUSD
- THETA/BUSD
- YFI/BUSD
According to the broker, the move is a measure “protecting users and maintaining a high-quality trading market”. The full text can be found in Binance’s official announcement.
Binance stablecoin has already lost R$112 billion
In February this year, US regulators banned the issuance of new units of the Binance USD (BUSD) cryptocurrency. Although the stablecoin did not lose its peg to the dollar, many users began abandoning the currency.
Seeing that the project could no longer grow, Binance asked investors to give up its cryptocurrency. In the statement, it said it would no longer support it in the coming months.
Therefore, removing the 19 pairs above appears to be a continuation of this strategy. After all, they are all linked to Binance USD.
At its peak, in December 2022, BUSD had a market value of R$123 billion. Today this number is only R$11 billion, down from R$112 billion.
Finally, Binance also appears to be withdrawing its name from the project. For example, on CoinMarketCap the cryptocurrency is simply called BUSD (BUSD), which no longer relies on the broker’s name.
Source: Live Coins
Barry Siefert is an accomplished journalist and author at The Nation View. He is known for his expertise in the field of cryptocurrency, and has written extensively on the topic. With a background in finance and economics, Barry has a deep understanding of the underlying technology and market forces that drive the crypto industry.
