Binance’s US arm, Binance.US, is permanently delisting trading pairs for 9 altcoins, including ADA and ETH. The exchange is deliberately removing many trading pairs from its platform.
Binance delisted 9 more USD trading pairs
Recently, Binance announced that it will terminate trading for selected USD pairs. The coins in question are: Bitcoin, Ethereum, BNB, Litecoin, Polygon MATIC, Cardano, Solana, VeChain and USDC.
Affected trading pairs: ADA/USD, BNB/USD, BTC/USD, ETH/USD, LTC/USD, MATIC/USD, SOL/USD, USDC/USD, VET/USD.
What’s going on?
The delist move in the USD pair is based on Binance’s plan to “move to a crypto-focused exchange”. The official announcement included the following statements about the last delist:
As part of our crypto-only transition, Binance.US will remove and stop trading the following Advanced Trading pairs on July 13, 2023 at 20:00.
cryptocoin.comAs you follow, Binance started this transition process after the SEC lawsuits in June. The leading exchange is reacting to the SEC’s steps towards the industry. After the lawsuit on June 5, he made moves against the US market and the dollar.
On June 23, BinanceUS worked with its banking partners to resolve all delayed USD withdrawal requests. The crypto exchange will complete most USD withdrawal requests within 5 business days. Meanwhile, BinanceUS is facing many challenges with its banking partners in the US. The exchange currently offers buy/sell on 21 USD pairs. This number will decrease to zero in the coming periods.
Binance is gradually moving to cryptocurrency-only exchange
Binance’s US branch said on June 9 that it would no longer allow customers to trade using US dollars on its platform after its banking partners cut the firm in response to pressure from federal regulators. The move was a huge blow to Binance.US, the American arm of the world’s largest crypto exchange. One of the main functions of an exchange is that it allows users to convert their traditional money into digital currencies such as Bitcoin or Ether. Binance will no longer offer this service in the United States.
Binance.US said in a message to customers that it was “only taking the necessary precautions when transitioning to the crypto exchange.” The company states that in recent days, its banking partners have signaled that they will no longer facilitate the movement of dollars on the Binance.US platform.
The SEC accuses Binance and its CEO, CZ, of misusing client funds. The lawsuit on June 5 also included that the exchange lied to regulators. In a separate filing, the SEC cited “years of violative behavior by the defendants,” from a federal judge in Washington. Specifically, he asked US-based Binance to freeze assets related to its clients.
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