Binance crypto exchange has confirmed that it will no longer allow ADA & Matic coin trading on the futures market in BUSD pairs.
Binance is a top-notch crypto trading platform, thanks to its secure crypto trading services that always remain the first choice among new and experienced crypto traders. In some countries, this exchange offers crypto services through subsidiaries.
On August 10, 2023, Binance exchange announced that it will cut futures trading for the ADA-BUSD and Matic-BUSD pairs. And the new decision takes effect on August 17. In the meantime, no Binance customer is allowed to open new trades in the mentioned pairs.
This latest announcement by the Binance crypto exchange has caused some sort of confusion among some crypto traders. Some users asked if Binance will remove Ada against all stablecoin pairs or just BUSD. The detailed announcement noted that it will only affect trading of ADA & Matic futures in the BUSD pair.
Here, Binance clients should also understand that trading these said crypto assets remains unaffected in the spot market and in the futures market against other stablecoin pairs.
BUSD stablecoin & legal hurdles
BUSD was a popular native stablecoin from the Binance crypto exchange. Paxos Trust was the backend manager behind this stablecoin and the Binance name in this stablecoin was a promotional stunt of the Binance exchange in collaboration with Paxos.
Due to the legal hurdles in February of this year, the Paxos trust officially decided to end its partnership with Binance and also halted the issuance of new BUSD stablecoin. In response to that negative situation, Binance Exchange has also decided to end BUSD stablecoin usage priority on its platform. In the past week, Binance launched a new stablecoin FDUSD.
Also read: BIS confirms Ripple as official partner