Today, March 24, Binance Margin officially pressed the “stop” button for 14 major margin pairs. This is not just a routine event as even such giants as XRP, AVAX, Bitcoin Cash and Atom have come under the hammer. If you have leveraged positions open in these pairs, your time is now being counted in hours. The exchange is clearing the ranks both in cross margin and isolated pairs.
In cross margin, among the notable pairs are XRP/BNB, Atom/BTC and Ethereum Classic/BTC. In isolated margin, this includes AVAX against Ether and the same Atom against Bitcoin. The borrowing function for isolated pairs has already been fully disabled, meaning it is no longer possible to take loans from the exchange.
In addition, users can no longer transfer these assets to their isolated margin accounts. There is only one exception: if you need to repay an existing debt.
On Friday, March 27, the final act will take place. If traders do not close their positions themselves, Binance will do it for them, but on its own terms. That means all positions will be force-closed and automatically liquidated at market price. Then orders will be canceled, and all limit bids will simply disappear. Finally, there will be a freeze of around three hours during the delisting process. Users will not be able to manage their assets at all.
The main advice of the day is, of course, not to wait for automation. The exchange clearly states that it does not bear responsibility for losses during forced closures.
The plan of action here becomes obvious:
This event signals that Binance is optimizing liquidity and getting rid of less popular pairings in favor of more stable assets.