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Binance Now Delisting Many BUSD Trading Pairs From Aug 18

Key Points:

Binance will stop trading for specific pairs like REN/BUSD on August 18, suggesting liquidity issues.
Trading bot support for delisted pairs concludes on August 18, urging users to act to avoid losses.
The exchange’s fiat-to-crypto service also closes its doors on August 16, following a short stint in the market.

In an official statement, Binance, the leading cryptocurrency exchange, revealed its decision to delist certain spot trading pairs as of August 18, 2023, at 03:00 (UTC).

The trading pairs to be removed include CKB/BUSD, FARM/BUSD, ORN/BUSD, REN/BUSD, SKL/BUSD, UFT/BUSD, ZEN/BUSD, and ZRX/BUSD. It’s important to note that users can continue trading these tokens in alternate pairs accessible on the Binance platform.

Additionally, Binance has scheduled the discontinuation of its trading bot service for the specified spot trading pairs at 3:00 UTC on August 18, 2023. Users are strongly advised to modify or cancel their trading bots prior to the designated termination time to avert potential losses.

The mentioned token pairs are reportedly facing liquidity challenges, contributing to the decision to remove them from Binance’s trading offerings.

REN, a central token within the Ren ecosystem, has encountered its own trajectory.

Launched via an ICO in early 2018 and built on Ethereum’s ERC-20 standard, REN serves a significant role in the Ren ecosystem. The Ren Protocol faced setbacks due to the downfall of FTX, resulting in substantial losses.

In a surprising development, Binance has also confirmed the discontinuation of Binance Connect, its licensed cryptocurrency trading arm that facilitated fiat-to-crypto transactions.

Effective August 16, this regulated division of the exchange will cease operations, marking the end of its brief presence in the market.

Earlier, the exchange announced its decision to delist and halt trading on 17 spot trading pairs.

DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

Harold

With a passion for untangling the complexities of the financial world, I've spent over four years in financial journalism, covering everything from traditional equities to the cutting edge of venture capital. "The financial markets are a fascinating puzzle," I often say, "and I love helping people make sense of them." That's what drives me to bring clear and insightful financial journalism to the readers of Coincu.