Binance, the world’s largest cryptocurrency exchange, is continuing its effort to clean up trading pairs for Binance USD (BUSD). The exchange recently announced the removal of 25 BUSD trading pairs.
Trading Pairs to be Removed by Binance
The major cryptocurrency exchange, Binance, is still carrying out its cleaning process for BUSD. The latest announcement from the cryptocurrency exchange warns that 25 BUSD trading pairs will be removed for 25 altcoins.
In the announcement regarding the removal of trading pairs, the cryptocurrency exchange stated, “Binance periodically reviews all listed spot trading pairs to protect users and maintain a high-quality trading market, and may delist certain spot trading pairs due to various factors such as low liquidity and trading volume.”
Accordingly, Binance will first remove the CAKE/BUSD, COMP/BUSD, CRV/BUSD, EOS/BUSD, FIDA/BUSD, FLOW/BUSD, GLMR/BUSD, GRT/BUSD, HFT/BUSD, ICP/BUSD, KEY/BUSD, LDO/BUSD, and LEVER/BUSD trading pairs on November 3 at 06:00 UTC. Immediately after the removal of these 12 trading pairs, the MAGIC/BUSD, MASK/BUSD, MKR/BUSD, MULTI/BUSD, OG/BUSD, PHB/BUSD, PYR/BUSD, SANTOS/BUSD, T/BUSD, UNI/BUSD, XMR/BUSD, and XVG/BUSD trading pairs will be removed at 08:00 UTC.
End of BUSD Support Approaching
Binance will discontinue its support for the stablecoin BUSD as of 2024. It is known that the cryptocurrency exchange offered stablecoin services in collaboration with the US-based blockchain company PAXOS. However, earlier this year, pressure from the US Securities and Exchange Commission (SEC) on PAXOS led to Binance stepping back from BUSD. The main reason for this was the SEC categorizing BUSD as an unregistered security.
Following the SEC’s categorization of the stablecoin as a security, PAXOS, a New York-based and regulated blockchain company, stopped providing BUSD services to Binance, and BUSD issuance ceased after the service interruption.
Although the company still maintains the 1:1 ratio of BUSD with the US dollar, it no longer issues new BUSD. Starting from February 2024, BUSD will be removed from PAXOS’s services.
