Binance has announced that it will delist leveraged trading pairs for 4 altcoins. These trading pairs include BUSD pairs.
Delist decision for 4 BUSD parity from Binance
According to the July 19 announcement, the Binance Margin platform delists OGN/BUSD, OSMO/BUSD, REI/BUSD and SPELL/BUSD cross-margin and isolated margin pairs. The delist date was set for July 27 at 09:00. Binance will suspend these trading pairs from 09:00 on July 20. Users are required to close their positions from July 20 to July 27. Open positions will be closed automatically as of July 27, 09:00. Instructions included in the official announcement:
As of 09:00 on July 20, 2023, Binance Margin will suspend isolated margin borrowing for OGN/BUSD, OSMO/BUSD, REI/BUSD and SPELL/BUSD.
As of 09:00 on July 27, 2023, Binance Margin will close the positions of its users and make an automatic settlement. OGN/BUSD, OSMO/BUSD, REI/BUSD and SPELL/BUSD will cancel all remaining open orders on isolated margin pairs.
In addition, these pairs will also be delisted from the Cross Margin section of Binance Margin.
Users will not be able to update their positions during the delist process and therefore are strongly advised to close their positions and/or transfer their assets from Margin Wallets to Spot Wallets before 27 July 09:00. Binance will not be liable for possible losses.
Binance completes its 24th period altcoin burn event
As we reported as Kriptokoin.com, Binance completed its 24th period BNB burning event today. The exchange took 1,991,854.33 BNB out of circulation in its last BNB burning activity. This incineration represents 1.27% of the total supply. In summary, it equates to a value of 483 million dollars.
Binance wants to reduce the total supply of BNB, the altcoin it supports, to 100 million. For this, the exchange regularly burns tokens every 3 months. The amount of BNB to be burned is determined by the BNB price and the activity on BNBChain.
https://twitter.com/binance/status/1681091560023244803
With the latest activity, the circulating supply of BNB has dropped to 153,857,203 units. Binance burned a total of 48 million BNB with token burns carried out in 3-month periods. This process reflects positively on the BNB price. However, June’s SEC lawsuit cooled the effect one right. BNB is currently trading in the critical $240 zone. According to the BNB burning portal 3 months from now, it is estimated that over 2 million BNB can be burned. BNB price declined after testing the $260 level last week and fell 1.6% yesterday, but found support at $240 in the early hours of the day.
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