Binance to remove USDC as a tradable asset.

[tvplus006]

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.

[Sunrise360]

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.

[tranthidung]

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.

[pgbit]

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.

[DaveF]

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

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

-Dave

[Rigon]

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.

[wxa7115]

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.

[awik p]

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

[danherbias07]

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.

[eaLiTy]

~
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 .

[pawanjain]

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.

[BitcoinPanther]

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.

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.

[Findingnemo]

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.

[jaberwock]

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.

[pawanjain]

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.

The bolded part is exactly why I said that it is a smart move from binance. They are making their own stable coin on top by this move.
USDC is by far one of the best stable coins out there but binance is removing it. This will definitely give a negative short term impact on binance.
But this will get them a long term benefit. Also, I guess they are not removing USDC completely since they are converting USDC into BUSD directly.

[ScamViruS]

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.

This is binance's strategy to get their coins into a stronger position. A platform as big as Binance must take advantage of the market interest and that is what Binance is doing. USDC's marketcap is much higher than BUSD, even if binance tries to take advantage here, it won't be easy to get close to usdc. So it remains to be seen when BUSD overtakes USDC. Because the way binance has taken the step is definitely thinking about the competition.

[nurilham]

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.

Why we must think twice? We only can't trade with USDC pair, but we can withdraw it. As long as we can withdraw it, we don't need to panic so much. So, nothing worse to happen, dude.

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

Sure, they seem to optimize the use of their BUSD. But sadly they try to get rid of other stablecoins as competitors. I think, this is not a wise decision, the existence of other stablecoins as trading pairs will make Binance to be more popular and it is very helpful for traders to have many options in trading. Removing USDC pair may trigger people to think that Binance is no longer a safe place for traders.

[ScamViruS]

A downtrend has been seen in the USDC marketcap due to Binance removing USDC trading pairs. On the other hand, Busd's marketcap increased by 8%. So here it is understood that binance will give more priority to their stable coin on their platform and binance has taken another step to dominate the future crypto market with Busd. Killing competitors is essential to dominate the market in the future, and this is what binance is doing.

This article has written about these issues...

https://decrypt.co/110797/stablecoin-markets-shift-binance-usdc-conversions

[ShowOff]

A downtrend has been seen in the USDC marketcap due to Binance removing USDC trading pairs. On the other hand, Busd's marketcap increased by 8%. So here it is understood that binance will give more priority to their stable coin on their platform and binance has taken another step to dominate the future crypto market with Busd. Killing competitors is essential to dominate the market in the future, and this is what binance is doing.

That's their business and they will do their best to put their product above the rest.

This mindset may have led binance to remove USDC from their platform. But I don't think it's a big problem because in general BUSD and USDT dominate the trading pairs on Binance. I've never even traded anything for USDC, a lot of other people might as well. I personally tend to use USDT and BUSD trading pairs on binance, so removing USDC on binance is not a problem for me.

[ScamViruS]

A downtrend has been seen in the USDC marketcap due to Binance removing USDC trading pairs. On the other hand, Busd's marketcap increased by 8%. So here it is understood that binance will give more priority to their stable coin on their platform and binance has taken another step to dominate the future crypto market with Busd. Killing competitors is essential to dominate the market in the future, and this is what binance is doing.

That's their business and they will do their best to put their product above the rest.

This mindset may have led binance to remove USDC from their platform. But I don't think it's a big problem because in general BUSD and USDT dominate the trading pairs on Binance. I've never even traded anything for USDC, a lot of other people might as well. I personally tend to use USDT and BUSD trading pairs on binance, so removing USDC on binance is not a problem for me.

It is natural that Binance can do whatever they decide on their platform and use the best strategies for their growth. But USDC must have many users in the crypto market as it is the top four number. Capturing this huge marketcap is not an easy task if there is no demand. You may not use this coin but there are many more trader investors using this coin. I myself am also a USDT user. Most of the crypto trader investors are more interested in using USDT.