Binance made some surprising announcements today, saying they will be delisting some altcoins that no one thought they would delist.
Binance is the biggest crypto exchange in the world, and many of its actions are monitored and meanings read into it. Today, they officially announced that they will be delisting some BUSD pairs from their spot trading platform.
What Happened?
Binance alerted its users early into the day, saying they would be making some changes to how the platform is run. They mentioned that the trading platform would soon cease and ban the trade of several spot trading pairs. All the pairs they listed in their announcement were linked to the BUSD stablecoin.
"Fellow Binancians,
Binance will remove and cease trading on the following spot trading pairs at 2023-07-13 03:00 (UTC):
Spot Pairs: API3/BUSD, BLZ/BUSD, GHST/BUSD, NEXO/BUSD, STPT/BUSD, WIN/BUSD," Binance said in the announcement.
The cryptocurrency exchange has confirmed that its users can still access the same assets on their spot trading platform, but the BUSD pair will no longer be available for the assets mentioned in the announcement. Binance has acknowledged that its users have different trading requirements, and as a result, they have decided to offer many of the affected assets in other spot trading pairs.
In their recent announcement, Binance addressed several additional topics. One of these was bot trading. Similar to their delisting protocol, Binance has granted users approximately 48 hours to conclude any business with their trading bots. As per the crypto exchange, all spot trading pairs that are impacted will have their bot trading amenities discontinued.
"Binance will terminate Trading Bots services for the aforementioned spot trading pairs at 2023-07-13 03:00 (UTC), where applicable. Users are strongly advised to update and/or cancel their Trading Bots prior to the cessation of Trading Bots services to avoid any potential losses," Binance said in the announcement.
More BUSD Pairs Delisted From Binance
The Binance delist coin process didn't only affect spot trading pairs. A few days back, the crypto exchange announced they would be delisting some isolated margin borrowing pairs from the exchange. However, one thing to notice about the isolated margin borrowing pairs is that they have the same connection as the one for spot trading. They were all BUSD trading pairs.
Some assets to be delisted from Binance with this particular announcement include SUN and ZEN. "Binance Margin will delist the ATA/BUSD, FORTH/BUSD, JST/BUSD, QTUM/BUSD, SUN/BUSD, ZEN/BUSD and ZRX/BUSD isolated margin pairs at 2023-07-13 06:00 (UTC)," Binance said in the announcement.
This is the same date the spot trading delisting process will happen. Binance assured their users that on this date, the closure and settlement will be done automatically.
"At 2023-07-13 06:00 (UTC), Binance Margin will close users’ positions, conduct an automatic settlement and cancel all pending orders on the ATA/BUSD, FORTH/BUSD, JST/BUSD, QTUM/BUSD, SUN/BUSD, ZEN/BUSD and ZRX/BUSD isolated margin pairs. We will then delist these pairs from Isolated Margin," the company added.
There was also a warning that users won't be able to update their positions during the delisting process.