In a recent announcement, Binance, the world's largest cryptocurrency exchange, has declared the imminent delisting of trading instruments tied to notorious stablecoin BUSD. The affected pairs include XRP, Bitcoin (BTC), Ethereum (ETH) and Binance Coin (BNB) against BUSD in the perpetual futures trading section.
Godfrey BenjaminThe exchange has stated that leverage adjustments for these instruments are effective immediately, with trading in these pairs set to be terminated in the first 10 days of December.
Specifically, perpetual futures contracts for XRP and BNB against BUSD will be suspended on Dec. 8, followed by the termination of contracts linked to ETH and BTC three days later. The final delisting, closure of existing positions and cancellation of pending orders are all slated for the same dates.
Gamza KhanzadaevThis marks the third announcement in recent days related to BUSD, following the recognition of the stablecoin as a security by the U.S. Securities and Exchange Commission earlier this year. Binance and Paxos, the issuing company behind BUSD, have been taking measures to limit the stablecoin's circulation, signaling a broader industry trend.
Ripple effect
Ironically, despite XRP's recent legal victory, the popular cryptocurrency faces further limitations in trading options, this time due to regulatory concerns on the platforms themselves.
The regulatory troubles for Binance have been a focal point in the crypto industry throughout 2023, intensifying after the collapse of FTX. In a significant development, Changpeng Zhao, the head of Binance, also known as CZ, is set to resign as CEO.
The entity is expected to pay a staggering fine exceeding $4 billion, with the U.S. Treasury gaining access to comprehensive information on all exchange transactions.
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