Binance cancels 23 trading pairs, Shiba Inu and Dogecoin

TL; DR

Binance announced on November 9 that it will cancel 23 margin trading pairs, including popular ones like ADA/BUSD and memecoins DOGE/BUSD and SHIB/BUSD, with automatic closing and placement for these pairs. The canceled pairs are all denominated in BUSD, the stablecoin that Binance will end support for in early 2024 and advises users to convert their BUSD holdings before February 2024. To protect users and ensure a quality trading market due to factors such as poor liquidity and volume.

Binance removes more trading pairs

The world's largest cryptocurrency exchange – Binance – revealed On November 9, it will cancel 23 margin trading pairs, including ADA/BUSD, APE/BUSD, AVAX/BUSD, BCH/BUSD, DOT/BUSD, LTC/BUSD, MATIC/BUSD and more.

Interestingly, the two largest memecoins by market capitalization – Dogecoin (DOGE) and Shiba Inu (SHIB) – are also affected by the removal of DOGE / BUSD and SHIB / BUSD.

“Binance Margin closes users' positions, performs automatic settlement, and cancels all pending orders on the aforementioned crossover and neutral margin pairs. These pairs are removed from Margin. Users can still trade the above assets on other trading pairs available on Binance Margin,” the company said.

It is worth mentioning that these are all BUSD trading pairs and the market was earlier. revealed Binance advises users to switch their BUSD holdings to other assets before February 2024, as it will end support for the stablecoin in early 2024.

The previous cancellation process

The organization removed So did several trading pairs last month. On October 6, it canceled 1INCH/BUSD, AERGO/BUSD, ANKR/BUSD, RARE/BUSD, SLP/BUSD, SUSHI/BUSD and 13 more. While the exact reason for the move remains undisclosed, Binance said:

“In order to protect users and maintain a high-quality trading market, Binance conducts periodic reviews of all listed spot trading pairs and may cancel selected spot trading pairs for various reasons, such as poor liquidity and trading volume.”