Binance to remove USDC as a tradable asset. - page 4.

tranthidung

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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.

It is another strategy of Binance to shill their BUSD and enforce their users to use BUSD more.

Months ago, in 2020 when Ethereum network has very high transaction fee up to $200 per transaction or higher, people switched to use Tether USD on TRC20. Back in those days, Binance provided 0 transaction fee for USDT TRC20. Months later, when they started to shill BUSD, they stop free withdrawal fee for USDT TRC20 and if users want to have 0 transaction fee, please use BUSD.

This time, Binance again applies this strategy and I am sure they will get another success. When you are on home of others, you can not ask for completely fairness and fair competition.

Quote from: DaveF on September 05, 2022, 09:47:03 PM

I can see other exchanges doing this. Allow deposit and withdraw of any of the big name stablecoins but only trade on 1.

Do you really need BTC/USDC and BTC/USDT and BTC /BUSD? And then every other altcoin/ 3 stablecoins?

All come in -> converted to one -> choose your outcoin.

DaveF has a point too. Personally it is unnecessary to have multiple trading pairs for one coin. I think only two trading pairs are enough, one with Bitcoin and another with one stable coin. Assume you trade BTC to BUSD, but don't want to store your money in BUSD, you can convert your BUSD to your favorite stable coin. It costs you a bit more trading fee or conversion fee. It gives more income to exchanges and reduce their maintenance, security costs.

DaveF

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I can see other exchanges doing this. Allow deposit and withdraw of any of the big name stablecoins but only trade on 1.

Do you really need BTC/USDC and BTC/USDT and BTC /BUSD? And then every other altcoin/ 3 stablecoins?

All come in -> converted to one -> choose your outcoin.

I'm sure it's going to allow for more shenanigans on the back end, but wait for it....not your keys, not your coins. If you leave it on the exchange and shenanigans do happen, that's on you.

-Dave

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Quote from: Oshosondy on September 05, 2022, 03:28:07 PM

Quote from: abel1337 on September 05, 2022, 03:09:49 PM

Though I'm thinking why did Binance remove these stable coins? Are they moving aggressively?

No other reasons, Binance wants to dominate the crypto world. They want their coin, BNB to dominate. They want their stable coin, BUSD to dominate. They have the dominant exchange now, Binance which they know many people are using.

It's not a sector they've done that well in so far though either. BUSD has around 15bn coins while usdc and usdt were over 50bn last time I checked (for each).

I guess this might be a good thing for stablecoins if it means that the spreads are low enough and they're stable enough between each other that a 1:1 conversion can be offered. But at the same time it makes busd look a bit risky (imo) that it could be collateralised by two other entities and not binance themselves.

monineklutak

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anyway this is very bad news, because USDC is not a very bad stable coin,
of course I am still confused as to why Binance decided to remove USDC from their market,
I did not find any information regarding USDC, does anyone know? tell me

sheenshane

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Probably the CEO think about that why not their BUSD becomes dominated not the USDT which is already dominated by all stablecoins in the market.
It's clear that it's all about their stablecoin wanting to become dominant in their market and why not?

But at least not delisting on the exchange, though I like his plan to merge all liquidity into one pair which is BUSD.
It's all about business in the end and we know CZ, everything he will do to maintain the rank of his exchnage and also popularity of his stablecoin.
I would do the same if I'm CZ's place. Cheesy

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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,

If Binance has taken this decision for an internal matter considering the security of users, then this decision is fine. And if Binance is thinking of killing a competitor to favor their own stablecoin, that's a terrible decision. Such a decision is not good news for the crypto community.

Binance wants to completely dominate the crypto market with their BNB, BUSD. This does not good for the crypto community. If Binance moves aggressively like this, we may see more in the coming days. Which will make the crypto community wonder if it is right to make someone so powerful.

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Quote from: abel1337 on September 05, 2022, 03:09:49 PM

Though I'm thinking why did Binance remove these stable coins? Are they moving aggressively?

No other reasons, Binance wants to dominate the crypto world. They want their coin, BNB to dominate. They want their stable coin, BUSD to dominate. They have the dominant exchange now, Binance which they know many people are using.

The damage I see about this is that Binance users will later prefer BUSD and not go for the other stable coins mentioned. Binance want more popularity for everything about them.

blockman

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I guess it's all about removing the competitor on their own platform. And this could also lead to other exchanges who's got their own stable coins to remove the competition that they have.
Binance is no doubt big these days and they can really predict the market on what shall be done next as the trend goes on. So, it is not going to be a surprise if the other exchanges create the same removal of other stable coins and make it not tradable.

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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,

Well It's their own coins and it's part of their business to make their coin most used by the traders even if it means removing the competitors. There are many users of these stable coins who will be affected by this and those who are having those stable coins who leave their assets unchecked will be forced to have BUSD. Though I'm thinking why did Binance remove these stable coins? Are they moving aggressively?

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

It is great news, because it means more liquidity.
And you can still deposit and withdraw USDC and use it for trading.
It has no disadvantage, besides that people might now know that USDC is accepted and 1:1 converted to BUSD and back.

https://www.binance.com/en/support/announcement/e62f703604a94538a1f1bc803b2d579f
https://www.binance.com/en/support/faq/7a2571c63d97459ab4e44a8dd01cf7e8

More liquidity for what? Why not do it for USDT? Why BUSD that is developed by Binance. I can see USDC and TUSD to be successfully traded on some exchanges that I have used before, like HitBTC before I left the exchange. On OKX, USDC is the alternative pair after USDT.

Recently I moved all my USDT from OKX temporary, when I login to the exchange, it popped up USDC to be as a suggestion for trading pair as I had no USDC there again, this is usual if I moved all my USDC from OKX. Successfully, USDC has been a successful trading pair on many exchanges.

Only the one I do not know much about is USDP.

Binance is looking for all means to strengthen BUSD and nothing more than that. I can see lately on Binance that their is now BTC and some other coins paired with BUSD in perpetual market with reduction in fee deduction. But if Binance is trying to strengthen BUSD, it should not be in a way to affect other stable coins to grow.

bittraffic

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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,

They are all competitors, that's how they will work if the objective is to make people use their stablecoin. Nothing wrong with BUSD when after all you are trading in Binance. Maybe USDT will also be removed if this is a mandate from the regulators for it is easier to track traders' transactions. Every exchange I think should just have a stablecoin of thier own.

Serpens66

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It is great news, because it means more liquidity.
And you can still deposit and withdraw USDC and use it for trading.
It has no disadvantage, besides that people might now know that USDC is accepted and 1:1 converted to BUSD and back.

https://www.binance.com/en/support/announcement/e62f703604a94538a1f1bc803b2d579f
https://www.binance.com/en/support/faq/7a2571c63d97459ab4e44a8dd01cf7e8

_act_

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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,

ScamViruS

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Source: https://twitter.com/WatcherGuru/status/1566847870841520129

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.

Topic: Binance to remove USDC as a tradable asset. - page 4. (Read 709 times)