Binance Margin and Binance Futures remove BUSD

Dear Binance Community Members,

Binance Margin and Binance Futures will remove BUSD tokens within the timeframes below.

Margin

• 12/01/2023 at 09:00 (Moscow time) Binance Margin will suspend isolated margin loans in the BUSD/USDT pair.

• On 12/11/2023 at 12:00 UTC, Binance Margin will close users' positions, perform automatic settlement, and cancel all open orders on BUSD/USDT and TUSD/BUSD cross-margin pairs, as well as BUSD/USDT isolated margin pair. If users have outstanding cross-margin or isolated-margin loans, the removed assets and any other assets in the cross-margin or isolated-margin account may be sold to pay off the debt. We will then remove the ability to trade cross and isolated margin on these pairs.

• Please note that users will not be able to change positions during delisting. We strongly recommend closing positions and/or transferring assets from the margin wallet to the spot wallet before margin trading stops on 12/11/2023 at 12:00 (Moscow time). Binance Margin is not responsible for any losses. 

• Portfolio margin users are recommended to transfer the specified tokens from the margin wallet to the spot wallet and, if necessary, top up the margin balance before 12/11/2023 12:00 (Moscow time). Users should closely monitor the Uniform Maintenance Margin Ratio (Uni-MMR) to avoid liquidation that may occur as a result of the above tokens being removed from the margin wallet.

• All BUSD balances in cross-margin wallets of portfolio margin accounts will be automatically converted to USDT on 12/11/2023 from 12:00 UTC. Conversion may take approximately 24 hours. During this period, Binance Margin will not be responsible for losses on new positions that may arise due to the conversion of funds. Additional information is available in the Frequently Asked Questions section.

Futures

• Binance Futures will adjust the leverage and margin levels of the USDⓈ-M BTCBUSD, ETHBUSD, BNBBUSD and XRPBUSD perpetual contracts on 11/24/2023 at 17:00 (UTC) according to the table below. The change will affect existing positions opened before it. We strongly recommend that you adjust your position and leverage to avoid possible liquidation. 

  • BTCBUSD (USDⓈ-M perpetual contract)

• ETHBUSD (USDⓈ-M perpetual contract)

• BNBBUSD and XRPBUSD (perpetual contracts USDⓈ-M)

• The fee structure for USDT-Margined contracts will be in effect for the ETHBTC linear perpetual contract starting approximately 12/07/2023 13:00 (UTC). Until this time, the ETHBTC Linear Perpetual Contract will be subject to a BUSD-Margined contract fee structure. 

• Binance Futures will suspend trading of the listed BUSD-Margined Perpetual Contracts at the timeframes listed below. Please note that after this time, users will be able to close any existing positions.

  • 08.12.2023 at 08:30 (CST) - USDⓈ-M BNBBUSD and XRPBUSD futures contracts.

  • 12/11/2023 at 08:30 (Moscow time) - perpetual contracts USDⓈ-M BTCBUSD and ETHBUSD.

• Binance Futures will close all positions, auto-settle, and cancel all pending orders in the specified BUSD-Margined perpetual contracts, and delete those contracts upon completion of settlement within the following time frames:

  • 08.12.2023 at 09:00 (MST) - USDⓈ-M BNBBUSD and XRPBUSD futures contracts.

  • 12/11/2023 at 09:00 (Moscow time) - perpetual contracts USDⓈ-M BTCBUSD and ETHBUSD.

  • To avoid automatic settlement, we recommend closing all open positions before delisting. To learn more, go to the Futures Contract Delisting Process.

  • To protect users and prevent potential risks in extremely volatile market conditions, Binance Futures may take additional protective measures with respect to these BUSD-Margined perpetual contracts without prior notice, including changing the maximum leverage, position value and maintenance margin at each level, changing rates financing (including interest rate, premium and maximum financing rate), changing the components of the price index and using the last price protection mechanism to update the mark price, as well as other measures.

• Binance Futures will stop supporting BUSD as a margin asset in multi-asset mode on 12/11/2023 at 13:00 (UTC). Transfers of BUSD to USDⓈ-M futures wallets will not be available after 12/11/2023 13:00 (Moscow time). 

• Binance Futures will begin automatically converting the remaining BUSD tokens in the balance of USDⓈ-M futures wallets into USDT at a 1:1 ratio on 12/14/2023 from 06:00 UTC. The conversion will take approximately 24 hours.

  • Users are strongly advised to top up their BUSD balance before 12/11/2023 13:00 (UTC) if it is negative in the USDⓈ-M futures wallet. 

  • Please note that the conversion may not be reflected in your transaction history.

  • We also strongly advise users not to create new futures positions during conversion to avoid possible losses. Binance is not responsible for any losses on new positions that may occur due to the conversion of funds during this period.

Please see additional information in this announcement. 

Note. In the event of any discrepancy between the translated versions and the original English version, the English version shall prevail.

Thanks for support!

Binance Team

24.11.2023