Binance, the biggest cryptocurrency exchange in the world, announced that some selected margin trading pairs of BUSD will no longer be available on Binance Margin.
Some major cryptocurrency exchanges, including Dogecoin (DOGE), Cardano (ADA), Polygon (MATIC), Avalanche (AVAX), Bitcoin Cash (BCH), Chainlink (LINK), and Shiba Inu (SHIB), are listed in this removal.
The major trading pairs that are being taken down include BCH/BUSD, ADA/BUSD, AVAX/BUSD, BCH/BUSD, DOGE/BUSD, DOT/BUSD, FIL/BUSD, LINK/BUSD, LTC/BUSD, MATIC/BUSD, and SHIB/BUSD. The action is a component of the plan to stop supporting BUSD stablecoin entirely by February 2024.
AGIX/BUSD, APE/BUSD, BAKE/BUSD, FRONT/BUSD, GALA/BUSD, LUNA/BUSD, LUNC/BUSD, OP/BUSD, RUNE/BUSD, TRB/BUSD, USTC/BUSD, XLM/BUSD, and YGG/BUSD are additional margin trading pairs.
As of November 3 at 6:00 UTC, users will be prohibited from engaging in isolated margin borrowing for the cryptocurrency mentioned in an announcement. Furthermore, on November 9, Binance Margin will close positions, perform an automatic agreement, and cancel all pending orders on these cross and isolated margin pairings.
Binance further emphasized that users cannot update their positions during the delisting process and advised users to close their holdings and/or move their assets from Margin Wallet to Spot Wallet before the cession of margin trading on November 9, 2023, at 6:00 a.m. (UTC). Binance also said that they will not be responsible for any potential losses.