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Binance To Gradually Phase Out Its Support For BUSD

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After Paxos, a cryptocurrency company for the stablecoin, suspended its minting of new Binance USD, Binance announced today that it will gradually drop its support for the stablecoin from now till next year.

Despite that, Binance still assures its users that Binance USD will still be supported 1:1 by USD.

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One of the largest cryptocurrency exchanges by trading volume, Binance disclosed its intentions to halt its support of BUSD by February 2024.

Previously, in February, the stablecoin was subjected to a regulatory conflict as the NYDFS (New York Department of Financial Services) mandated Paxos to suspend issuance of the stablecoin.

Since Paxos stopped minting new BUSD, it follows that Binance will also cease its support of the BUSD products.

Fast Facts

  • This decision by Binance to stop BUSD follows the US Securities and Exchange Commission’s allegation last February 13 that BUSD wasn’t a registered security. The allegation was issued to the crypto firm minting the stablecoin, Paxos, through a wells notice.
  • That same day, the NYDFS (New York Department of Financial Services) ordered Paxos to stop issuing new Binance USD.
  • So, it is unsurprising that Binance will follow suit, and it was officially confirmed through the exchange’s statement today, August 31. Thus, Binance has confirmed previous rumors making the rounds of its impending ending of the BUSD redemption.
  • Due to its new plan to wind down its support for the Binance USD, the crypto exchange encourages its users to convert their BUSD stablecoin holdings to other available assets.
  • According to the Binance statement, the crypto exchange encourages users to convert or trade their Binance USD balances for the FDUSD (First Digital USD). This new stablecoin was launched last June by First Digital Group, a trust company based in Hong Kong, with a debut listing on Binance in July.
  • By September 6, the world’s largest cryptocurrency exchange by trading volume, Binance, will delist BUSD as a loanable asset. In addition, it will halt withdrawals of the Binance-peg BUSD through BNB Chain, Polygon, Avalanche, and TRON by September 7.

What’s Happening In Crypto Today?  

As of this writing, Bitcoin is trading at $27,230.50, with a drop in market cap by 0.71% and a drop in trading volume by 51.57%.

On the side of Ethereum, its current price is at $1,710.60, with a drop in market cap by 0.45% and a drop in trading volume by 57.91%.

  • Meanwhile, Binance USD is currently trading at $1.00, with a drop in market cap by 1.16% and a drop in trading volume by 35.30%.
  • Avalanche is currently trading at $10.42, with a drop in market cap by 1.23% and a drop in trading volume by 28.72%.
  • Polygon is currently trading at $0.5792, with an increase in market cap by 0.63% and a drop in trading volume by 35.42%.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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