Binance.US to eliminate select BTC and BUSD Advanced crypto Trading pairs
Binance.US, the American branch of the world’s largest cryptocurrency exchange Binance, recently announced that it is eliminating more than forty crypto trading pairs currently available on its platform. The total number of trading pairs will be reduced to 226.
According to the press release, “After careful consideration, Binance.US will remove select BTC and BUSD Advanced Trading pairs on June 8, 2023, at 9 a.m. PDT / 12 p.m. EDT.” The platform further mentioned that it has also decided to streamline its Buy, Sell & Convert offering and has paused the OTC Trading Portal. Your assets remain safe and secure with Binance.US, and deposits and withdrawals continue to function as normal.
SEC vs Binance Lawsuit
On June 5, 2023, the Securities and Exchange Commission filed 13 charges against Binance, the world’s largest crypto exchange, and its founder, Changpeng Zhao, alleging that they worked to attract U.S. customers to its unregulated international exchange, commingled investor funds with their own, and violated securities laws.
According to Reuters, From almost three years ago until June 2022, a trading firm owned and controlled by Zhao, Sigma Chain, engaged in so-called wash trading that artificially inflated the trading volume of crypto asset securities on the Binance.US platform, the SEC also alleged.
Stablecoin and its pair are to be removed
Among the cryptocurrencies to be removed, the majority use the stablecoin Tether (USDT) as its pair. This list includes notable examples such as Aave, Basic Attention Token (BAT), Bitcoin Cash (BCH), ZCash (ZEC), and Compound (COMP) along with dozens of other tokens.
Bitcoin will see the removal of eight trading pairs, including Cosmos (ATOM), Polkadot (DOT), and Tezos (XTZ) among others. Binance’s native stablecoin, BUSD, will lose its pair against Hedera Hashgraph (HBAR) and Harmony (ONE).
Buy, Sell & Convert remains available for the following assets: USDT, USDC, BNB, ETH, BTC, FET, ATOM, APT, MATIC, LTC, DOGE, SHIB, FTM, APE, SOL, LINK, ADA, DOT, GALA, and AVAX, with the addition of USD for Convert. The maximum order amount for Buy, Sell & Convert has been updated to $10,000.
OTC Trading Portal – Binance.US has paused its OTC Trading Portal services. In the upcoming weeks and months, Binance.US will notify you if and when OTC trading becomes available again.
