Binance, one of the largest cryptocurrency trading platforms globally, has recently announced plans to remove some of the most popular Bitcoin (BTC) and Tether (USDT) margin pairs. These changes will mostly concern pairs with TrueUSD (TUSD) and will become effective on July 24, 2024, an important trading day.
This strategic adjustment was revealed on July 11, 2024, and includes both Cross and Isolated Margin trading pairs. Specifically, the BTC/TUSD and TUSD/USDT pairs will be delisted. The process will commence with the suspension of isolated margin borrowing for these pairs starting July 12, 2024. By July 24, the exchange plans to close all user positions, conduct automatic settlements, and cancel all pending orders, removing these pairs from margin trading entirely.
Binance has encouraged its users to act before the delisting, and they can sell their tokens for other supported cryptocurrencies. Margin traders must close their trades and move funds from the Margin Wallets to the Spot Wallets to eliminate a possible loss. Binance has bluntly said it would not be held responsible for any losses due to this shift.
There are additional considerations for portfolio margin users. Starting July 24, all TUSD balances in Cross-Margin Wallets under Portfolio Margin accounts will be automatically converted to USDT. This conversion process is expected to take at least 24 hours, potentially affecting new trading positions during this period.
Binance’s activity in both listing and delisting cryptocurrencies has been particularly noteworthy recently. The exchange has introduced support for four emerging cryptocurrencies. Artificial Superintelligence Alliance (FET), FLOKI, Notcoin (NOT), and LayerZero (ZRO), capture the interest of market participants who are closely monitoring the potential impacts of these additions.
Bitget Pursues VASP License to Strengthen Compliance in Indian Crypto MarketBinance has disclosed that it will delist all spot trading pairs of BarnBridge (BOND), Dock (DOCK), Mdex (MDX), and Polkastarter (POLS) by July 22, 2024. This move has brought a certain degree of volatility into the market, with investors and traders trying to decipher the future direction of these cryptocurrencies.
These moves by Binance reflect its dynamic approach to maintaining its trading platform, continuously adjusting to market trends and regulatory requirements. As the July deadlines approach, traders and investors are advised to stay informed and prepared for the upcoming changes, ensuring their strategies align with the evolving landscape of cryptocurrency trading on Binance.
