"Otherwise, I really hate Binance with BUSD."
Cryptocurrency giant Binance is about to remove selected margin trading pairs on Binance Margin, including Cardano (ADA), Polygon (MATIC), Avalanche (AVAX), Bitcoin Cash (BCH), Chainlink (LINK), Shiba Inu (SHIB). and Dogecoin (DOGE).
In its official announcement yesterday, Binance, which will eliminate cross-margin* and isolated-margin** pairs on November 9, 2023, will close positions, perform automatic settlement and cancel all pending orders.
*A risk management tactic in crypto trading where traders use their entire account balance as collateral for their open positions
**A risk management strategy where traders allocate a certain amount of collateral to each individual position they open
So here it can be seen that Binance will remove some major crypto margin pairs like BCH/BUSD, ADA/BUSD, AVAX/BUSD, BCH/BUSD, DOGE/BUSD, DOT/BUSD, FIL/BUSD, LINK/BUSD, LTC/BUSD , MATIC/BUSD and SHIB/BUSD.
Not only that, AGIX/BUSD, APE/BUSD, BAKE/BUSD, FRONT/BUSD, GALA/BUSD, LUNA/BUSD, LUNC/BUSD, OP/BUSD, RUNE/BUSD, TRB/BUSD, USTC/BUSD, XLM / BUSD and YGG/BUSD will also be eliminated.
The move is part of Binance's strategy to completely end support of the BUSD stablecoin by February 2024.
As such, users will not be able to perform isolated-margin borrowing for the aforementioned crypto from November 3, 2023.
Users are advised to close positions or transfer their assets from Margin Wallets to Spot Wallet before the cessation of margin trading as users will not be able to update positions during the delisting process.
Not only that, users are also asked to close their respective positions and then transfer assets to the spot wallet to avoid any potential losses.
