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HomeCrypto NewsMarketBinance Users to Lose Access to Some Trading Pairs of XRP and Shiba Inu

Binance Users to Lose Access to Some Trading Pairs of XRP and Shiba Inu


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Based on a recent announcement, certain trading pairs of XRP and Shiba Inu on the largest crypto exchange, Binance, will vanish from the platform in the coming weeks.

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In particular, Binance has announced its intention to no longer support its stablecoin, BUSD. This decision implies that Binance will delist BUSD from its platform. By implication, users will be unable to trade XRP or Shiba Inu using BUSD trading pairs. 

In the last 24 hours, the XRP and BUSD trading pair saw a trading volume of over $8 million. Similarly, traders on Binance traded nearly $2 billion worth of Shiba Inu within the same period.

Why’s Binance Delisting BUSD?

In a statement early today, Binance communicated that it will gradually wind down its support for Binance USD (BUSD). The decision follows the BUSD issuer’s move to cease BUSD redemption early next year.

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Specifically, Paxos Trust Co. has suspended the minting of fresh BUSD tokens with redemption ending by February 2024. Following the issuer’s decision to withdraw from the BUSD market, Binance urged its users to abandon BUSD trading pairs. The exchange encouraged its users to convert their BUSD holds to alternative pairs. 

Notably, Binance maintained that BUSD will remain pegged to the USD dollars in a one-to-one ratio. Meanwhile, Binance will cease cash out of Binance-Peg BUSD on networks of Avalanche, Tron, BNB Chain, Optimism, and Polygon next week.

Yet, Binance will continue to honor deposits of BUSD from the mentioned networks in the interim. On the other hand, Binance will accept withdrawals and deposits of BUSD via Ethereum’s ERC-20 network. The exchange has not fixed a date to end the support. 

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In a similar update, Binance said it delisting eight BUSD pairs associated with margin accounts. The to-be-delisted BUSD pairs on Binance Isolated and Cross Margin include REQ/BUSD, FIDA/BUSD, DASH/BUSD, HOT/BUSD, PORTO/BUSD, AMB/BUSD, HARD/BUSD, and NULS/BUSD. 

Paxos and BUSD Hurdles

Notably, the sequence of events leading to the decisions impacting BUSD is related to the US regulator. In February, the SEC formally informed the BUSD issuer of an impending lawsuit. The SEC argued that BUSD was an unregistered security.

Since then, BUSD’s position in the market continued to decline. As of February, it was the seventh largest crypto with over $16 billion. Now, BUSD ranks at 23 with only a $3 billion valuation.

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Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.



Abdulkarim Abdulwahab
Abdulkarim Abdulwahabhttp://thecryptobasic.com
Abdulkarim Abdulwahab is a blockchain writer with a specific interest in journalistic writing. He covers breaking events in the crypto community and blockchain industry. Over the past year, he has published over 1,500 short-form and long-form content for Web3 publishing firms.

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