Stablecoin

BUSD

Spot

According to an announcement by <a href="https://coin-turk.com/zcash-binance-futures-platformunda" data-wpel-link="internal" rel="noopener noreferrer nofollow">Binance</a>, the end is near for BUSD. <a href="https://en.coin-turk.com/introducing-binance-messenger-a-new-social-application-by-binance/" data-wpel-link="internal" rel="noopener noreferrer nofollow">Binance</a>, which previously announced the discontinuation of BUSD, stated that BUSD will be removed from Futures and Margin trading.
<h2 style="text-align: justify" id="stablecoin-busd-becoming-history">Stablecoin BUSD Becoming History</h2>
Binance, the issuer of the stablecoin BUSD, made a statement regarding BUSD. The statement reads as follows:
<blockquote style="text-align: justify">
 Dear Binance users,
 Binance Margin and Binance Futures will delist BUSD according to the following schedule:
 Margin:
 On December 1, 2023, at 06:00 (UTC), Binance Margin will suspend isolated margin borrowing for BUSD/<a href="https://coin-turk.com/bu-stablecoinler-en-buyuk-yatirimcilari-bile-solladi-hedefleri-neler" data-wpel-link="internal" rel="noopener noreferrer nofollow">USDT</a>.
 On December 11, 2023, at 09:00 (UTC), Binance Margin will close users’ positions, perform an automatic settlement, and cancel all pending orders in the BUSD/<a href="https://en.coin-turk.com/tether-the-dangerous-minefield-of-the-crypto-markets/" data-wpel-link="internal" rel="noopener noreferrer nofollow">USDT</a> and TUSD/BUSD cross-margin pairs, as well as the BUSD/USDT isolated margin pair. If users have outstanding Cross Collateral or Isolated Collateral loans, the delisted assets as well as other assets held in Cross and Isolated Collateral accounts can be liquidated to repay the outstanding obligations. These pairs will then be removed from Cross Collateral and Isolated Collateral.
 During the delisting process, users will not be able to adjust their positions. It is strongly recommended that users close their positions and/or transfer their assets from Margin Wallets to Spot Wallets before the suspension of margin trading at 09:00 (UTC) on December 11, 2023. Binance Margin will not be liable for any potential losses.
 For Portfolio Margin users, it is recommended to transfer the above-mentioned tokens from Margin Wallets to Spot Wallets and, where appropriate, complete margin balances by December 11, 2023, at 09:00 (UTC). Users should closely monitor the Unified Maintenance Margin Ratio (Uni-MMR) to avoid a potential liquidation resulting from the removal of the aforementioned tokens from Margin Wallets.
 All BUSD balances in Cross Collateral Wallets under the Portfolio Margin account will be automatically converted to USDT starting from December 11, 2023, at 09:00 (UTC). The conversion may take approximately 24 hours or longer. Binance Margin will not be responsible for any losses that may occur due to the conversion of funds in new positions during this period. Refer to this FAQ section for more information.
 Futures:
 Starting from November 24, 2023, at 14:00 (UTC), Binance Futures will adjust the leverage and collateral tiers for the USDⓈ-M BTCBUSD, ETHBUSD, BNBBUSD, and XRPBUSD Perpetual Contracts according to the tables below. Existing open positions before the update will be affected. It is strongly recommended to adjust positions and leverage before the adjustment to avoid potential liquidation.
</blockquote>
<h2 style="text-align: justify" id="btcbusd-usd-m-perpetual-contract">BTCBUSD (USDⓈ-M Perpetual Contract)</h2>
<img decoding="async" class="aligncenter size-full wp-image-280558" src="https://coin-turk.com/wp-content/uploads/2023/11/btc-tablo-futures-d.jpg" alt="" width="1537" height="656">
<h2 style="text-align: justify" id="ethbusd-usd-m-perpetual-contract">ETHBUSD (USDⓈ-M Perpetual Contract)</h2>
<img decoding="async" class="aligncenter size-full wp-image-280557" src="https://coin-turk.com/wp-content/uploads/2023/11/eth-tablo-futures-d.jpg" alt="" width="1532" height="647">
<h2 style="text-align: justify" id="bnbbusd-and-xrpbusd-usd-m-perpetual-contracts">BNBBUSD and XRPBUSD (USDⓈ-M Perpetual Contracts)</h2>
<img decoding="async" class="aligncenter size-full wp-image-280556" src="https://coin-turk.com/wp-content/uploads/2023/11/bnb-xrp-futures-tablo-d.jpg" alt="" width="1542" height="455">
<blockquote style="text-align: justify">
 The fee structure for USDT-Margined Contracts will be approximately effective from December 7, 2023, at 10:00 (UTC) for the ETHBTC Linear Perpetual Contract. Prior to this time, the fee structure for BUSD-Margined Contracts is applicable for the ETHBTC Linear Perpetual Contract.
 Binance Futures will suspend trading for the mentioned BUSD-Margined Perpetual Contracts on the following dates. Please note that users will be able to close their existing positions after these dates:
 On December 8, 2023, at 05:30 (UTC): USDⓈ-M BNBBUSD and XRPBUSD Perpetual Contracts
 On December 11, 2023, at 05:30 (UTC): USDⓈ-M BTCBUSD and ETHBUSD Perpetual Contracts
 Binance Futures will close all positions, perform an automatic settlement, cancel all pending orders, and delist these contracts after the completion of settlements on the following dates:
 On December 8, 2023, at 06:00 (UTC): USDⓈ-M BNBBUSD and XRPBUSD Perpetual Contracts
 On December 11, 2023, at 06:00 (UTC): USDⓈ-M BTCBUSD and ETHBUSD Perpetual Contracts
 Users are advised to close their open positions before the delisting time from the respective <a href="https://newslinker.co/category/finance/" data-wpel-link="exclude" rel="noopener noreferrer nofollow">market</a> quotations to avoid automatic settlements. For more details, please refer to the process of delisting futures contracts.
 In order to protect users in extremely volatile market conditions and prevent potential risks, Binance Futures may take additional protective measures, including but not limited to adjusting the maximum leverage value, position value, and maintenance margin at each margin tier, updating funding rates, premiums, and limited funding rates, changing the components of the price index, and updating the Mark Price, by utilizing the Last Price Protected mechanism, without prior notice, specifically for the mentioned BUSD-Margined Perpetual Contracts.
 Starting from December 11, 2023, at 10:00 (UTC), BUSD support will be terminated as a margin asset in the Cross Collateral Mode. BUSD transfers to USDⓈ-M Futures Wallets will not be supported after December 11, 2023, at 10:00 (UTC).
 Starting from December 14, 2023, at 03:00 (UTC), Binance Futures will automatically convert remaining BUSD balances in USDⓈ-M Futures Wallets to USDT at a ratio of 1:1. The conversion process may take approximately 24 hours.
 Users are strongly advised to top up BUSD balances before December 11, 2023, at 10:00 (UTC) if they have negative BUSD balances in their USDⓈ-M Futures Wallets.
 Please note that the conversion may not be reflected in the Transaction History.
 In addition, to prevent potential losses, it is strongly recommended that users refrain from adding new futures positions during the conversion period. Binance will not be liable for any new position losses resulting from the conversion of funds during this period.
 For more information, please refer to this announcement.
 Note: In case of any inconsistency between the translated versions and the original English version, the English version shall prevail.
 Thank you for your support!
 Binance Team
</blockquote> Continue Reading: <a href="https://en.coin-turk.com/binance-futures-and-margin-removing-busd-what-you-need-to-know/" data-wpel-link="internal" rel="noopener noreferrer nofollow">https://en.coin-turk.com/binance-futures-and-margin-removing-busd-what-you-need-to-know/</a>

Binance Futures and Margin Removing BUSD: What You Need to Know

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