Binance to remove USDC as a tradable asset. - page 2.

jaberwock

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Quote from: pawanjain on September 09, 2022, 11:05:56 AM

USDC has a huge marketcap and binance shouldn't have included USDC in the list.
I guess this is a smart move from binance to make sure BUSD is in the race.
So may be they are trying to take advantage of their own platform to secure some marketcap for BUSD.

And why not? Usdc is not a scam coin and for a big exchange like binance, they should have this in the list because almost all the crypto exchange do also have usdc on them. It has a huge marketcap so the coin deserves to be listed. Only those who are being removed are the coins with less and no volume because they consume space for nothing. I don't think this is a smart move from binance but I already see a big hate coming from them.

This is also a big loss from them as there are traders who are using the usdc pair but I think they won't care. What's important to them for now is that they will make their own stable coin on top.

Findingnemo

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Basically USDC is a stable coin from coinbase right so the competitors in the market when has their own product will never encourage the others that is what is happening here.

Due to the delisting or whatever the market is not going to be affected much because stable coins and the pairs are not limited to only one.

BitcoinPanther

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Quote from: tranthidung on September 07, 2022, 08:40:10 AM

Quote from: rhomelmabini on September 06, 2022, 02:28:54 PM

They just want to take action considering how competitive stablecoin nowadays, I still think that USDC was more decentralized compared to the likes of BUSD and USDT. I don't think that it will have significant effect on the overall market but it's expected that FUD may continue. I wonder what's coming next.

It's their exchange so Binance can do things they want and if they can take advantage of it, they should do that.

Nobody can require Binance to maintain other stable coins on their exchange if it will create more competitiveness against Binance BUSD. They don't want it and they have rights to do it, so it must happen.

I highly agree, Binance is actually being considerate here allowing the listed stablecoin to be continuously deposited and withdrawn in their exchange. Other exchange don't even have BUSD pair, or even listed on their exchange.

Quote from: tranthidung on September 07, 2022, 08:40:10 AM

So far people only discussed about Binance but they forgot to discuss that many other exchanges intentionally ignore BUSD for trading pairs on their exchanges. It has happened many months and if it is intentionally fighting against Binance (that I believe it is), it's fair enough for Binance to do the same fighting.

True, some exchanges have BNB listed but not BUSD, though I do not think Binance will do such thing, totally banning other stablecoin, since it will be a lost of their exchange if they delist all the other stablecoin.

pawanjain

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USDC has a huge marketcap and binance shouldn't have included USDC in the list.
I guess this is a smart move from binance to make sure BUSD is in the race.
So may be they are trying to take advantage of their own platform to secure some marketcap for BUSD.

eaLiTy

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Quote from: ScamViruS on September 05, 2022, 01:59:04 PM

~
So if you're a USDC user, you should think twice, because I wouldn't be surprised if we see something worse in the coming days. So it is good to be careful in advance.

If you are worried about stable currencies then you need to worry about all the stable currencies in the cryptocurrency space as everything is under the radar. USDT is always under the regulatory eye because they lack transparency and so is the case with every other so called stable currencies. The reason Binance is removing other stable currency is to concentrating on their stable currency and have more liquidity.

In short the more stable currency anyone purchase with your fiat currency, the more money they make, so it is a business decision as far as i understand Wink

.

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Quote from: _act_ on September 05, 2022, 02:16:20 PM

I hate this about Binance that is looking for all means to make sure BUSD dominates the stable coin by all means,

My first thought after reading the opening post.
Well, it's not that it's illegal. It's their exchange after all but it could block those traders that are using these stablecoins with their pairs or got used to that kind of strategy.
It's not like it was banned but I think what Binance is trying to do is have it centralized with only the use of minimal types of stablecoins especially BUSD on the top. Perhaps with these, they could cover more issues and do a precise filter, lesser workload.

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Quote from: wxa7115 on September 09, 2022, 12:09:07 AM

Quote from: _act_ on September 05, 2022, 02:16:20 PM

According to the Binance article that I read about it through the twitter link that you posted above, not only USDC, but USDC, USDP and TUSD.

According to the Binance article, people will still be able to deposit and withdraw in USDC, USDP and TUSD. But for trading, it would be automatically converted to BUSD on Binance. But if you deposit USDC, USDP and TUSD, you will be able to withdraw in the respective coins.

I hate this about Binance that is looking for all means to make sure BUSD dominates the stable coin by all means,

This is just the way business works, it may seem unfair but it is obvious that binance is going to want people to use their own stable coin instead of the other ones you can find in the market, and while they cannot force you to do so they can at least guide you in that direction.

So if someone doesn't really like to move they can always leave the binance exchange behind and use another platform which allows them to use the stable coin they want, but I doubt many traders or investors are going to leave binance over something like this, and it is likely that binance thinks the same, which is why they have pulled off this move.

I don't think this will have much effect on Binance, and there won't be any switching customers, let alone those with large capitals, which require security of funds when using the exchange. there is still a choice of stable coins on binance, and if we pay attention of course this will be useful for traders to secure their assets after selling the traded coins and waiting for the moment to buy

wxa7115

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Quote from: _act_ on September 05, 2022, 02:16:20 PM

According to the Binance article that I read about it through the twitter link that you posted above, not only USDC, but USDC, USDP and TUSD.

According to the Binance article, people will still be able to deposit and withdraw in USDC, USDP and TUSD. But for trading, it would be automatically converted to BUSD on Binance. But if you deposit USDC, USDP and TUSD, you will be able to withdraw in the respective coins.

I hate this about Binance that is looking for all means to make sure BUSD dominates the stable coin by all means,

This is just the way business works, it may seem unfair but it is obvious that binance is going to want people to use their own stable coin instead of the other ones you can find in the market, and while they cannot force you to do so they can at least guide you in that direction.

So if someone doesn't really like the move they can always leave the binance exchange behind and use another platform which allows them to use the stable coin they want, but I doubt many traders or investors are going to leave binance over something like this, and it is likely that binance thinks the same, which is why they have pulled off this move.

Rigon

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We saw the news in a report that the USDC will be removed from the currency.However, those holding USDC in Binance can convert to BUSD by September 29.1 USDC equals 1 BUSD.It will not harm you and you can convert your USDC to BUSD without any compensation.However those of you who have USDC should convert to BUSD by September 29.

DaveF

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And just now I got an alert on my phone from the Gemini App that they now have BUSD to Bull / Sell / Trade on Gemini. And just got an email about it too.
Could be a coincidence, could be them trying to get ahead of other places that may be listing it.

For the paranoid it could be them conspiring against us Wink

But, no matter what it is going to push more usage for BUSD.

-Dave

pgbit

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On September 29th, USDC will be converted to their own exchange's stablecoin on the Binance exchange, and USDC will be removed.It's all a strategy to promote their exchange stable coin BUSD. It won't hurt anyone who has USDC in binance exchange.binance exchange just convert these usdc automatically in Binance's own stablecoin BUSD. which is also equal to one dollar.This method will not have any negative impact on the price as the ratio will remain the same۔Apart from this, the pairs of USDC will also disappear. And if someone wants to convert USDC to BUSD in advance, he can do it himself, there is no issue.

tranthidung

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Quote from: |MINER| on September 07, 2022, 12:57:06 PM

I have already Heard a rumour about the reason behind the destruction of Luna and UST.

If you paid attention, you would have known that Binance relist LUNA Classic with a first trading pair is LUNA / BUSD. Weeks later, they added another pair LUNA / BTC. No other pairs. Even after the fork to Luna and Luna Classic (LUNC), they did not change it.

Binance know Terra has huge communities and has big trading volume. When they relist, they only allow their users to trade with BUSD. That is a story months ago but a good signal for their strategic change we saw recently.

Sunrise360

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I think this is all about competition in the Crypto market. Any rival stable coin would definitely want to dominate the market and Binance being one of the largest Exchange wants to use it as an advantage to create a more favourable environment for its stable coin (BUSD). By stopping the trading pairs of USDC and USDP, Binance users will definitely have BUSD as an alternative there by making BUSD more popular in the Crypto market.

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Quote from: AnonBitCoiner on September 07, 2022, 08:14:53 AM

This is very bad action Binance taken. This will have the down the faith of people on Binance. Binance want to move their stable coin to top 1 and they are all doing for this. Personally I like usdc and want to hold then any other coin. Busd is not bad stable coin but they should make a DAO for this.

You still have a choice, although it is much less than before. There are still USDT trading pairs in Binance, which is the most popular stablecoin and has the largest offer on the market. So traders faith in Binance will remain unshakable, but trust in BUSD should increase.

|MINER|

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I have already Heard a rumour about the reason behind the destruction of Luna and UST. Actually now I'm confused as to what is going to be the cause for doing this . It can be also a cause that to make more good market of their BUSD . I think this is not good news for USDC and their holders. For this they will definitely loose a huge market and I also think that every usdc stable coin holder to watch eye on it.

tranthidung

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Quote from: rhomelmabini on September 06, 2022, 02:28:54 PM

They just want to take action considering how competitive stablecoin nowadays, I still think that USDC was more decentralized compared to the likes of BUSD and USDT. I don't think that it will have significant effect on the overall market but it's expected that FUD may continue. I wonder what's coming next.

It's their exchange so Binance can do things they want and if they can take advantage of it, they should do that.

Nobody can require Binance to maintain other stable coins on their exchange if it will create more competitiveness against Binance BUSD. They don't want it and they have rights to do it, so it must happen.

So far people only discussed about Binance but they forgot to discuss that many other exchanges intentionally ignore BUSD for trading pairs on their exchanges. It has happened many months and if it is intentionally fighting against Binance (that I believe it is), it's fair enough for Binance to do the same fighting.

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Quote from: Serpens66 on September 05, 2022, 02:38:06 PM

It is great news, because it means more liquidity.

It's terrible news!
We have the largest exchange that claims to be all about decentralization and freedom and about the trust of users purposely sabotaging a competitor here. I can't believe that on this forum there would be a person clapping for this when it's a copy-paste move on how Microsoft wanted to kill Netscape not can I believe there are people defending this exchange when all that it has done to date has been lying its customers and even trying to hurt bitcoin by imposing fees 10x higher on the bitcoin chain that on their shitcoin.

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Quote from: AnonBitCoiner on September 07, 2022, 08:14:53 AM

This is very bad action Binance taken. This will have the down the faith of people on Binance. Binance want to move their stable coin to top 1 and they are all doing for this. Personally I like usdc and want to hold then any other coin. Busd is not bad stable coin but they should make a DAO for this.

At first there's no surprise that many would disagree or dislike this announcement especially to those people owned that assets but people will just forget about this and convert to use BUSD instead of other stable alts. Binance is just maximizing the usage of their BUSD in there exchange so for them this is a good move because they can assure that they will not get dominated by other alts which been listed on their exchange.

AnonBitCoiner

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This is very bad action Binance taken. This will have the down the faith of people on Binance. Binance want to move their stable coin to top 1 and they are all doing for this. Personally I like usdc and want to hold then any other coin. Busd is not bad stable coin but they should make a DAO for this.

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Quote from: _act_ on September 05, 2022, 02:16:20 PM

I hate this about Binance that is looking for all means to make sure BUSD dominates the stable coin by all means,

This action of Binance will certainly be opposed by many people, but it is not unusual for them to prioritize their own children. The battle for stablecoins is becoming more and more fierce as the majority of the market is held by USDT and USDC, BUSD is only ranked 3rd with a total market capitalization of more than 18 billion USD, a relatively low number compared to the other 2 stablecoins.

They still haven't dared to get rid of USDT as it is still the most influential stablecoin in the market, its removal from Binance will definitely happen but not now. I think Binance will have a bit of trouble with this decision, in addition to the objections of users, they will have trouble with the issue of monopoly, abuse of power.

Topic: Binance to remove USDC as a tradable asset. - page 2. (Read 709 times)