Binance Delists Bitcoin (BTC) and Tether (USDT) Margin Pairs Involving TrueUSD (TUSD)

By announcing ahead of time, Binance hopes that it has given users the needed opportunity to adjust their positions and trading strategies accordingly.

Binance, one of the world’s largest cryptocurrency exchanges, has announced some updates that will impact how users trade on its platform. According to the announcement, the exchange will be delisting Bitcoin (BTC) and Tether (USDT) margin pairs involving TrueUSD (TUSD) on July 24, 2024.

The pairs affected by this delisting include BTC/TUSD and TUSD/USDT across both Cross and Isolated Margin trading types, Binance noted. However, the platform has provided a detailed timeline for the upcoming changes as it seeks to give users a seamless transition and help them prepare well.

Starting on Friday, July 12, 2024, the exchange will suspend isolated margin borrowing for these pairs. Then, on the delisting date, July 24, 2024, at 06:00 (UTC), Binance will close all user positions, automatically settling them, canceling any pending orders, and completing the removal of these pairs from its margin trading offerings.

Meanwhile, Binance has also warned users about potential losses, highlighting the importance of user action in mitigating against such potential losses in cases like this. That is, as opposed to automation. To this end, it advised traders to manually close their positions and transfer their assets from Margin Wallets to Spot Wallets well before the delisting date.

The exchange also absolved itself of any liability in the event that this delisting brings about any losses as that would amount to negligence on the part of the trader.

The transition is set to impact Portfolio Margin users as well. However, there are additional considerations for those in that category. Starting July 24, all TUSD balances within Cross Margin Wallets under these accounts will be automatically converted to USDT. Per Binance, the conversion process may take up to 24 hours or longer, meaning that users’ ability to open new positions will be affected during this period.

Binance’s decision to delist these pairs appears to be part of a broader strategy by the platform. The pattern has been observed in recent times, but the reason behind its decisions is somewhat sketchy. Usually, when delistings happen, they could be a move relative to regulatory compliance. Other times, the platform may simply be adjusting its offerings to better serve its users and the market. Whatever might be the case, Binance has carried out several such activities of listing and delisting recently.

For instance, just three weeks ago, the exchange announced support for four trending cryptocurrencies. Those are Artificial Superintelligence Alliance (FET), FLOKI, LayerZero (ZRO), and Notcoin (NOT). In other related news, Binance also backed the ASI token merger involving Fetch AI (FET), OCEAN, and AGIX, further impacting the market with its decisions.

With its commitment to refining its offerings at every given instant, Binance may just continue to be at the forefront of the crypto industry.

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