Binance Removes Major Margin Trading Pairs: Take Action Now to Protect Your Assets

Binance, the world's largest crypto exchange, has announced the removal of selected margin trading pairs on Binance Margin. This decision includes the removal of major cryptocurrencies such as Cardano (ADA), Polygon (MATIC), Avalanche (AVAX), Bitcoin Cash (BCH), Chainlink (LINK), Shiba Inu (SHIB), and Dogecoin (DOGE).

Removal of Cross-Margin and Isolated-Margin Trading Pairs

On November 1, Binance made an official announcement stating that cross-margin and isolated-margin trading pairs will be removed on November 9. The affected margin pairs include BCH/BUSD, ADA/BUSD, AVAX/BUSD, BCH/BUSD, DOGE/BUSD, DOT/BUSD, FIL/BUSD, LINK/BUSD, LTC/BUSD, MATIC/BUSD, and SHIB/BUSD. This decision is part of Binance's strategy to completely end BUSD stablecoin support by February 2024.

Impact on Users

Starting from November 3 at 06:00 UTC, users will no longer be able to do isolated margin borrowing for the aforementioned cryptocurrencies. Furthermore, Binance Margin will close positions, conduct an automatic settlement, and cancel all pending orders on these cross and isolated margin pairs on November 9. To prevent any potential losses, users are advised to close their positions and transfer their assets to spot wallets.

Conclusion

Binance's removal of major margin trading pairs signifies a shift in their strategy and the end of BUSD stablecoin support. Users need to take immediate action to avoid any potential losses. It is recommended to stay updated with Binance's announcements and follow their instructions regarding the transfer of assets to spot wallets.