Binance, a very famous cryptocurrency exchange, has just made a big announcement that has caused a lot of excitement in the cryptocurrency community. Binance is planning to remove some big trading pairs, like Cardano, Polygon, and Shiba Inu, from its margin trading options. This will change the way people can trade on Binance. This change includes 24 types of digital money that can be traded with borrowed money. It also means that the platform will stop supporting the BUSD stablecoin.
A strong plan: Important margin trading pairs are at risk of being removed.
On November 1, Binance announced its plan for the month. They said they will stop allowing certain cross-margin and isolated-margin trading pairs by November 9. Some big crypto pairs will be removed, like BCH/BUSD, ADA/BUSD, AVAX/BUSD, DOGE/BUSD, DOT/BUSD, FIL/BUSD, LINK/BUSD, LTC/BUSD, MATIC/BUSD, and SHIB/BUSD.
Many people use margin trading to increase their potential profits, but it comes with more risks. Binance is making a big change in how it does margin trading. This may make other exchanges think about how they do margin trading too.
Getting rid of BUSD: Is it a strategic change or a necessary adjustment.
Binance is planning to stop supporting the BUSD stablecoin by February 2024. For people who don’t know a lot about crypto, BUSD is a stablecoin tied to the value of the US dollar. It’s approved by the New York State Department of Financial Services, so traders like it because it’s more stable than other cryptocurrencies.
The exchange is slowly stopping support for this stablecoin. This makes us wonder why. The details behind this decision haven’t been fully explained yet, but it shows that Binance wants to be able to change and adapt to the constantly changing global crypto world.
Important things to know for Binance users.
The upcoming changes are not only about cryptocurrency pairs. They also affect users directly, especially those who are involved in margin trading. Starting from November 3 at 6:00 am UTC, users won’t be able to borrow money for isolated margin trading with certain cryptocurrencies. The situation becomes even more serious after November 9. Binance Margin will start the process of closing open positions, making automatic settlements, and cancelling all pending orders related to these margin pairs.
As things sink in and become clear, Binance is telling its users that they won’t be able to change their investments while they remove certain coins from their platform. They should close their investments and move their assets from one type of wallet to another before margin trading stops on 2023-11-09 06:00 (UTC).
Besides popular cryptocurrencies like ADA, MATIC, and SHIB, traders should also know about other cryptocurrency pairs that might be removed from margin trading. These coins are AGIX, APE, BAKE, FRONT, GALA, LUNA, LUNC, OP, RUNE, TRB, USTC, XLM, and YGG.
In this situation, people who use Binance need to make important choices. Individual traders need to adjust their trading strategies, move around their investments, and consider using different exchanges in order to make the most of this change and meet their investment goals.
Summary
Binance has changed its way of doing things. The whole crypto community is waiting to see how other exchanges and people involved will react. One thing we know for sure: the cryptocurrency world is always changing and surprising, so people need to be ready for anything.
Warning: This is not advice for trading.