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Binance to Delist Key BTC and USDT Margin Pairs: What Traders Need to Know
Binance, one of the world’s largest cryptocurrency exchanges, has shared some updates that are set to impact how users trade on its platform. According to the announcement, the exchange will delist Bitcoin (BTC) and Tether (USDT) margin pairs involving TrueUSD (TUSD) on July 24, 2024.
By announcing ahead of time, Binance hopes that it has given users the needed opportunity to adjust their positions and trading strategies accordingly.
Details of the Delisting
As Binance noted, the pairs affected by this delisting include BTC/TUSD and TUSD/USDT across both Cross and Isolated Margin trading types. However, the platform has provided a detailed timeline for the upcoming changes as it seeks to give users a seamless transition and help them prepare well.
Starting on Friday, July 12, 2024, the exchange will suspend isolated margin borrowing for these pairs. Then, on the delisting date, July 24, 2024, at 06:00 (UTC), Binance will take several actions simultaneously as it prepares for the final removal of these pairs from its margin trading offerings.
Those actions include closing all user positions, automatically settling them, and canceling any pending orders. After all that is done, then the complete removal of the pairs will take place.
Meanwhile, Binance has also taken time to warn users about potential losses. This warning undoubtedly highlights the importance of user action in mitigating against such potential losses in cases like this. That is, as opposed to automation. To this end, it advised traders to manually close their positions and transfer their assets from Margin Wallets to Spot Wallets well before the delisting date.
Binance also absolved itself of any liability in the event that this delisting brings about any losses as that would amount to negligence on the part of the trader.
The transition is set to impact Portfolio Margin users as well. However, there are additional considerations for those in that category. Starting July 24, all TUSD balances within Cross Margin Wallets under these accounts will be automatically converted to USDT. Per Binance, the conversion process may take up to 24 hours or longer, meaning that users’ ability to open new positions will be affected during this period.
Recent Listings and Delistings on Binance
Binance’s decision to delist these pairs appears to be part of a broader strategy by the platform. The pattern has been observed in recent times, but the reason behind its decisions is somewhat sketchy. Usually, when delistings happen, they could be a move relative to regulatory compliance. Other times, the platform may simply be adjusting its offerings to better serve its users and the market. Whatever might be the case, Binance has carried out several such activities of listing and delisting recently.
For instance, just three weeks ago, the exchange announced support for four trending cryptocurrencies. Those are Artificial Superintelligence Alliance (FET), FLOKI, Notcoin (NOT), and LayerZero (ZRO). Additionally, Binance backed the ASI token merger involving Fetch AI (FET), OCEAN, and AGIX, further fueling speculation and interest within the market.
With its commitment to refining its offerings at every given instant, Binance may just continue to be at the forefront of the crypto industry
Binance to Delist Key BTC and USDT Margin Pairs: What Traders Need to Know
