In a significant move, Binance has declared the phased cessation of its stablecoin, BUSD, by February 2024.
Learn why this decision was made, what it means for users, and the services impacted by this change.
Contents
Binance Urges Conversion to Alternative Cryptos by February 2024
On August 31, 2023, Binance, a renowned cryptocurrency exchange, declared a phased cessation of its branded stablecoin, "BUSD".
This decision stems from the halt in the issuance of new BUSD by Paxos, the company behind its origination. It was accentuated, however, that Binance will continue to support various other stablecoins and digital assets in its portfolio.
Worth noting is that BUSD is always backed at a 1:1 ratio with the US dollar, so concerns about a significant price drop are unfounded.
Users holding BUSD on Binance are strongly encouraged to convert their holdings to another cryptocurrency by February 2024.
Specifically, users can switch to the newly supported stablecoin "FDUSD" in July this year at zero transaction fees.
FDUSD is a US dollar-pegged stablecoin, issued by the Hong Kong-based trust company, First Digital. It is available on the Ethereum and BNB chains.
Services Impacted by BUSD's Discontinuation
Several services are likely to be influenced by the discontinuation of BUSD, as mentioned below.
Detailed schedules and more information can be found on Binance's official announcement page.
- Spot trading
- Margin trading
- Deposits and withdrawals
- Convert
- Futures trading
- Earn
- Loans
- Gift cards
- Payments
Click here for Binance's official announcement.
-
Is Binance Seeking a Hong Kong License Through HKVAEX? Unveiling the Connection
We uncover the mystery surrounding HKVAEX and Binance, detailing shared resources, conflicting statements, and recent joint appearances. Dive in to understand the unfolding story. Contents1 Is HKVAEX an Affiliate of Binance?2 Conflicting Statements on Affiliation3 Multiple Indicators Pointing to a Connection Is HKVAEX an Affiliate of Binance? Recent reports by the South China Morning Post (SCMP) reveal that Binance, a major cryptocurrency exchange, may be attempting to secure a license in Hong Kong via a crypto exchange known as HKVAEX. Although there has been no official statement from either party, SCMP reports that three anonymous industry insiders close to Binance ...
続きを見る