Binance Announces End of Support for Binance USD (BUSD): Important Deadlines for Withdrawals and Exchanges

Binance has announced the termination of support for its Binance USD (BUSD), effective December 15, 2023.

Learn about the key deadlines for BUSD withdrawals and automatic conversions, and find out how this significant change impacts Binance's services and your digital currency management.

Binance to Discontinue Support for Binance USD (BUSD) by December 15, 2023

Binance announced on November 29, 2023, that it would end support for its dollar-linked stablecoin, 'Binance USD (BUSD)', by December 15, 2023.

Binance USD (BUSD) is a dollar-linked stablecoin issued by the stablecoin company 'Paxos' under the Binance brand.

In February of this year, it was reported that the 'New York State Department of Financial Services (NYDFS)' ordered the cessation of new issuance of BUSD.

This support termination comes as a result of Paxos halting the new issuance of BUSD. Binance has advised its users to either withdraw their BUSD or convert it into other assets by December 15, 2023.

Deadlines and Automatic Conversion Plans for BUSD Withdrawals

Withdrawals of BUSD are scheduled to become inactive on December 31, 2023, at 3:00 (UTC).

It is explained that for users outside Japan, France, Italy, Poland, and Kazakhstan, the BUSD balance will be automatically converted at a 1:1 ratio to First Digital USD (FDUSD).

Additionally, Binance plans to phase out various BUSD-related services. The official announcement includes a schedule for the termination of these BUSD-related services.

Binance has stated that "BUSD has always been backed 1:1 by the US dollar, so users can rest assured."

It is also explained that "BUSD will continue to be supported by Paxos and will remain redeemable at least until February 2024."