The End of BUSD: Binance Announces Removal of Stablecoin from Futures and Margin Trading - Latest cryptocurrency news

The End of BUSD: Binance Announces Removal of Stablecoin from Futures and Margin Trading

According to an announcement made by Binance, the stablecoin BUSD is coming to an end. Previously, Binance had stated that BUSD would be delisted, and now it has been revealed that BUSD will also be removed from Futures and Margin trading.

For Margin trading with BUSD, margin borrowing with USDT will be discontinued on December 1, 2023. On December 11, 2023, users’ open positions will be closed, their accounts will be automatically closed, and all pending orders will be canceled.

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As for Futures trading, on November 24, 2023, Binance Futures will adjust the leverage and collateral levels for BTCBUSD, ETHBUSD, BNBBUSD, and XRPBUSD perpetual contracts. Existing open positions will be affected by this update, and users are advised to update their positions and leverage to prevent potential liquidations.

Starting from December 7, 2023, a new fee structure will be applicable for margin contracts with USDT, while the old fee structure will continue to be applied for margin contracts with BUSD for ETHBTC Linear Perpetual Contract.

Support for BUSD as a margin asset in Cross Collateral mode will end on December 11, 2023, and after this date, transfers of BUSD to USDⓂ Futures Wallets will no longer be supported. On December 14, 2023, Binance Futures will automatically convert the remaining BUSD balances in USDⓂ Futures Wallets to USDT at a 1:1 ratio.

Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.
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