Binance.US, the United States-based branch of the largest cryptocurrency exchange Binance, has recently made an announcement regarding the suspension of certain USD Advanced Trading pairs. This decision is part of Binance.US’s transition towards becoming a “crypto-only exchange,” where they will exclusively support trading between cryptocurrencies and stablecoin pairs while eliminating trading against the US dollar.
In an official statement released on July 14, Binance.US confirmed that it will permanently remove and discontinue trading for various cryptocurrencies paired against USD in advanced trading. The affected cryptocurrencies include Bitcoin, Ethereum, BNB, Litecoin, Polygon MATIC, Cardano, Solana, VeChain, and the USDC stablecoin.
The affected trading pairs in the Advanced Trading section include ADA/USD, BNB/USD, BTC/USD, ETH/USD, LTC/USD, MATIC/USD, SOL/USD, USDC/USD, and VET/USD. Trading for these cryptocurrencies with USD Advanced Trading pairs will conclude on July 13, 2023, at 8 p.m. PDT / 11 p.m. EDT. However, trading with USD will still be available through the USDT/USD Advanced Trading pair.
Although some trading pairs are being discontinued, Binance.US users will still have the ability to trade over 150 cryptocurrencies on the Advanced Trading platform using USDT pairs. Additionally, certain cryptocurrencies may support trading with BTC, BUSD, DAI, or TUSD.
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In addition to the suspension of certain trading pairs, Binance.US has also made an announcement regarding the listing of XRP on their platform. Users can now deposit XRP, and trading for the XRP/USDT advanced trading pair will commence on July 14, 2023, at 6:00 a.m. PDT or 9:00 a.m. EDT. This comes after Ripple’s recent legal triumph in its three-year legal battle against the Securities and Exchange Commission (SEC), which accused Ripple of selling XRP as an unregistered security.
Despite the challenges Binance.US has faced in the U.S., such as the loss of banking partners and revenue streams, they still allow users to engage in various activities, including buying, selling, and converting cryptocurrencies with USD. Currently, users can utilize USD to trade 21 different cryptocurrencies. However, Binance.US has cautioned that its remaining partners may discontinue USD withdrawal services. In an effort to address the issue, Binance.US collaborated with its banking partners on June 23 to resolve all delayed USD withdrawal requests. As a result, the exchange aims to process most USD withdrawal requests within the standard timeframe of 5 business days or less.
It is worth noting that Binance.US’s decision to eliminate certain trading pairs and focus on becoming a crypto-only exchange is in line with the growing trend in the cryptocurrency industry. Many exchanges and platforms are moving towards a model that prioritizes the trading of cryptocurrencies and stablecoins, as they offer increased liquidity and stability compared to trading against fiat currencies.
As with any investment in cryptocurrencies, it is essential for users to conduct their own research and exercise caution. Cryptocurrencies are highly volatile and can carry significant risks. Binance.US users are advised to review the updated trading pairs and take any necessary actions accordingly.
In conclusion, Binance.US has decided to discontinue and cease trading for certain USD Advanced Trading pairs as part of their transition towards becoming a crypto-only exchange. Although some trading pairs will no longer be available, users can still trade over 150 cryptocurrencies on the platform using USDT pairs. Additionally, Binance.US has listed XRP on their platform, allowing users to deposit and trade the cryptocurrency. The exchange is also working to streamline USD withdrawals in collaboration with their banking partners. As the cryptocurrency industry continues to evolve, it is important for users to stay informed and make informed decisions when engaging in cryptocurrency trading.
