In a recent announcement, Binance Margin said it will delist several trading pairs on both cross and isolated margin platforms. He announced that the changes will come into force on October 19, 2023 at 09:00 CET. The move comes as part of altcoin and Bitcoin exchange Binance’s ongoing efforts to optimize its trading offerings. Here are the details…
Binance performs delisting in margin transactions
Binance, one of the largest exchanges in the field of crypto money, came to the fore with the announcement of a new altcoin. According to its latest announcement, the exchange will delist 24 altcoin pairs on margin. Affected trading pairs include:
ACH/BUSD, ARPA/BUSD, CAKE/BUSD, CELO/BUSD, CHR/BUSD, ENJ/BUSD, GRT/BUSD, GTC/BUSD, HFT/BUSD, HOOK/BUSD, ICP/BUSD, IDEX/BUSD, INJ/ BUSD, JASMY/BUSD, LIT/BUSD, LPT/BUSD, MTL/BUSD, PHA/BUSD, PHB/BUSD, PYR/BUSD, ROSE/BUSD, SAND/BUSD, STX/BUSD, WING/BUSD and XMR/BUSD.
Delist process is critical in altcoin pairs
So, what will the delisting process of these altcoin pairs be like? Below you can see the process step by step:
- Suspension of Isolated Collateral Borrowing: Binance Margin will suspend isolated margin borrowing for the above-mentioned trading pairs on October 13, 2023 at 09:00 UTC. Users will no longer be able to borrow assets for these pairs.
- Closing of Positions and Automatic Settlement: On October 19, 2023, at 09:00 UTC, Binance Margin will close users’ positions and process further transactions. An automatic settlement will be performed and all pending orders for the specified trading pairs will be cancelled. After this process, these trading pairs will be removed from the margin platform.
What are the details to pay attention to?
While these altcoin selling pairs will be removed from Binance Margin, users will continue to have the opportunity to trade the affected assets using other available trading pairs on the platform. During the delist process, users will not be able to update their positions in the affected trading pairs. This restriction is necessary to ensure a smooth transition. Additionally, to avoid possible losses, users are strongly encouraged to proactively close their positions or transfer their assets from margin wallets to spot wallets before the margin trading halt on October 19, 2023 at 09:00 UTC.
It is important to emphasize that Binance will not be held responsible for any losses incurred by users who do not heed this advice. In summary, Binance Margin’s decision to delist these altcoin pairs is critical. According to market participants, the exchange aims to streamline its offerings and improve the trading experience for its users. Investors are recommended to take the necessary actions to properly manage their assets and positions before the specified dates in order to avoid any disruption in their trading activities. These announcements are of great importance, as the cryptocurrency exchange in general is the preferred platform of many users.
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