- BinanceUS declares its shift towards a ‘crypto-only exchange’, ending support for nine prominent cryptocurrencies including Bitcoin, ADA, MATIC, SOL, and LTC.
- Despite this decision, trading for these cryptocurrencies on the Advanced Trading interface will continue in USDT pairs, and in certain cases, BTC, BUSD, DAI, or TUSD.
BinanceUS, the US-based subsidiary of Binance – the global crypto behemoth, announced on Friday that it would terminate trading for nine key cryptocurrencies against USD Advanced Trading pairs, a significant step in its strategic pivot towards becoming a ‘crypto-only exchange’.
BinanceUS Says Goodbye to Prominent Crypto-USD Pairs
The major cryptos that BinanceUS will cease supporting are Bitcoin, Ethereum, BNB, Litecoin, Polygon MATIC, Cardano, Solana, VeChain, and the USDC stablecoin. These currencies have been traded extensively against USD advanced trading pairs, including ADA/USD, BNB/USD, BTC/USD, ETH/USD, LTC/USD, MATIC/USD, SOL/USD, USDC/USD, and VET/USD.
The termination of these trading pairs will take effect from July 13, at 8 p.m. PDT / 11 p.m. EDT. While trading for USD will continue to be accessible on the USDT/USD Advanced Trading pair, the USDC/USD pair will be eliminated.
Despite the move, the Advanced Trading interface will continue to facilitate trading for over 150 cryptocurrencies via the USDT pairs. Some cryptos might also support trading in BTC, BUSD, DAI, or TUSD. BinanceUS encourages its users to carefully review their trades and either execute or cancel any open orders on impacted Advanced Trading pairs before their removal.
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Facing multiple challenges in the U.S., including the loss of banking partners and liquidity providers, BinanceUS is adopting a proactive approach. Users will still be able to buy, sell, and convert crypto with USD and use USD to transact 21 cryptocurrencies. However, the exchange has indicated that remaining partners may discontinue USD withdrawal services in the future.
BinanceUS continues to work with its banking partners to resolve all delayed USD withdrawal requests, promising that most USD withdrawal requests will be processed within a typical timeframe of 5 business days or less. The move represents a profound shift in BinanceUS’s approach, aligning more closely with a ‘crypto-only’ model, giving it independence from the traditional financial system while also creating new dynamics for its users.
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