The biggest cryptocurrency exchange in the world, Binance, has announced that trading instruments associated with the infamous stablecoin BUSD will soon be removed from the market. In the perpetual futures trading area, the impacted pairings are XRP, Bitcoin (BTC), Ethereum (ETH), and Binance Coin (BNB) versus BUSD.
According to the exchange, these instruments’ leverage modifications take effect right now, and trading in these pairings is scheduled to end in the first ten days of December.
In particular, contracts connected to ETH and BTC will expire three days after the suspension of perpetual futures contracts for XRP and BNB against BUSD on December 8. The same dates are set aside for the final delisting, closing of open jobs, and cancellation of pending orders.
After the U.S. Securities and Exchange Commission classified the stablecoin as a security earlier this year, this is the third statement on BUSD in as many days. BUSD’s issuing business, Paxos, and Binance have been implementing steps to restrict the stablecoin’s distribution, indicating a larger trend in the market.
Ripple effect
Ironically, XRP’s trading possibilities are still restricted despite its recent court success; this is because the platforms themselves are subject to regulatory issues.
The cryptocurrency industry has focused most of 2023 on Binance’s regulatory issues, which grew more intense with the collapse of FTX. Changpeng Zhao, the CEO of Binance, popularly known as CZ, is expected to step down in a major event.
The organisation is anticipated to pay a startling fine that surpasses $4 billion, and the U.S. Treasury will have access to all exchange transaction data.
