Recent moves by the largest cryptocurrency exchange, Binance, to remove several bitcoin-Ethereum pairings have caused a stir as they are under more regulatory scrutiny. The move is meant to address legal obstacles that have been affecting the digital assets industry with effect from Nov. 28.
Binance announced the delisting of Bitcoin and Ethereum cross-margin and isolated margin pairs linked to the BUSD stablecoin. Isolated margin borrowing on these pairs stops on Nov. 28, with auto-settled user positions closing and pending orders canceled by Dec. 7.
Moreover, the decision follows allegations by the U.S. SEC, which labeled BUSD as a security. Paxos and Binance responded swiftly by halting the stablecoin’s minting and circulation. This reflects ongoing adjustments by exchanges to comply with evolving regulations.
Binance delisting BTC and ETH Pairs Due to Increased Regulation
Founder of Binance, Changpeng Zhao, steps down as part of its settlement with the US DOJ. The new CEO is Richard Teng. Following CZ’s guilty plea this week, Binance will have to pay $4.3 billion for its alleged involvement in illegal activities such as running an unlicensed money remittance enterprise and conspiracy to circumvent regulations.
Furthermore, their aftermath effects are unclear regarding confusion on cryptocurrency regulations. That is why even some of the so-called leading crypto exchanges, such as Binance, have been under the spotlight recently. Major trading pairs were delisted from their platform due to the same regulatory pressure and recent management problems the exchange faced.
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