Binance to Remove Some Crypto Trading Pairs
Binance to remove some crypto pairs by Oct 26 due to legal reasons. This affects trading and borrowing on their platform.
Binance, has said it will remove several trading pairs by October 26, 2023. Some big cryptocurrencies like TRX/BUSD, ATOM/BUSD, and HBAR/BUSD are affected. From October 20, 2023, people also can't borrow money using these pairs on Binance Margin, a part of Binance that lets users borrow money for trading. The company will also automatically settle all trades in these pairs and cancel any waiting orders. However, users can still trade these cryptocurrencies using other methods on Binance.
For users who have these pairs, Binance advises moving their assets to a different wallet before the deadline.
This move by Binance seems connected to its recent decision to stop supporting BUSD, a type of digital money tied to the dollar. Binance and another company, Paxos, created BUSD. The reason for this big decision might be because of legal challenges Binance is facing in many countries.
Around the world, legal groups are paying more attention to how cryptocurrencies work. Binance's choice to stop BUSD is to avoid possible legal problems and to keep the trust of its users. Earlier, Binance also stopped trading pairs like Litecoin (LTC) and Dogecoin (DOGE) for similar reasons.
The world of cryptocurrencies often changes, especially because of laws. Binance is making these changes to fit in with these laws and to protect its users. Everyone is now watching to see how this will change the larger crypto market and if other companies will do the same.
