United

Coin

<p>The post <a rel="nofollow" href="https://coinpedia.org/news/binance-to-cease-busd-operations-by-february-2024-urges-users-to-convert-to-other-stablecoins/">Binance Discontinues BUSD Support in US; Here’s What Users Need to Do</a> appeared first on <a rel="nofollow" href="https://coinpedia.org">Coinpedia Fintech News</a></p> 
<p>Leading cryptocurrency exchange <a href="https://coinpedia.org/crypto-live-news/binance-to-phase-out-support-for-busd-products-gradually/">Binance</a> has announced that it will be discontinuing support for its BUSD stablecoin. This move comes amid increasing regulatory scrutiny in the United States, following concerns raised in the wake of the FTX and Alameda Research incidents last year.</p> 
<p>In response to the discontinuation of BUSD support, Binance has encouraged users holding BUSD stablecoins to convert their holdings into other supported stablecoins such as <a href="https://coinpedia.org/crypto-live-news/tether-sparks-speculations-with-tether-energy-post/">Tether (USDT)</a>, Circle (USDC), FDUSD, and TUSD. The exchange has assured users that the conversion can be made at a 1:1 ratio back to the United States dollar whenever needed.</p> 
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
 <div class="wp-block-embed__wrapper"> 
  <blockquote class="twitter-tweet" data-width="550" data-dnt="true">
   <p lang="en" dir="ltr">As Paxos has halted minting of new BUSD, <a href="https://twitter.com/hashtag/Binance?src=hash&amp;ref_src=twsrc%5Etfw">#Binance</a> will now gradually remove support for the stablecoin on our platform.<br><br>BUSD will always remain backed 1:1 by USD, and we continue to support a wide range of other stablecoins.<br><br>Find more details below.</p>— Binance (@binance) <a href="https://twitter.com/binance/status/1697159019234791909?ref_src=twsrc%5Etfw">August 31, 2023</a>
  </blockquote>
  <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> 
 </div>
</figure> 
<h2 id="heres-what-the-process-will-be-like" data-name="heres-what-the-process-will-be-like" class="wp-block-heading">Here’s What the Process Will Be Like</h2> 
<p>The discontinuation of BUSD support will take place in two phases. Beginning on September 7, BUSD borrowings on Cross Margin will be suspended. On October 29, Cross Margin and Portfolio Margin users will no longer be able to utilize BUSD as new collateral in the Cross Margin Wallet. </p> 
<p>However, the option to use BUSD holdings in other tokens as collateral will remain available.</p> 
<p>Read More: <a href="https://coinpedia.org/crypto-live-news/new-attorney-approved-for-binanceus-in-sec-lawsuit/">New Attorney Approved for BinanceUS in SEC Lawsuit!</a></p> 
<h2 id="binance-is-still-in-hot-water" data-name="binance-is-still-in-hot-water" class="wp-block-heading">Binance Is Still in Hot Water</h2> 
<p>The regulatory challenges faced by Binance include assertions by the United States Securities and Exchange Commission (SEC) that its native cryptocurrency, <a href="https://coinpedia.org/price-prediction/bnb-binance-coin-price-prediction/">Binance Coin (BNB)</a>, qualifies as a security. This has led to allegations of unauthorized operations within the US. Additionally, Binance has been accused of involvement in money laundering activities and listing digital assets as unregistered securities.</p> 
<p><strong>Binance Remains Loyal to the US</strong></p> 
<p>Earlier this year, Paxos Trust made headlines by discontinuing the issuance of new BUSD stablecoins, following directives from the New York Department of Financial Services (NYDFS). Despite these setbacks, Binance remains committed to asserting its position within the United States, emphasizing the enduring significance of digital assets in the global financial landscape.</p> 
<p><strong>Do you think this is a good move for Binance? Why or why not?</strong></p>

Binance Discontinues BUSD Support in US; Here’s What Users Need to Do

Table of Contents

CoinPedia News

Other articles published on Aug 31, 2023

Crypto Airdrop versus Hard Fork, Apa Saja Bedanya?

If Worldcoin can improve the world, why not give it a chance?

Bitcoin (BTC) Price Analysis for August 31

Nym: Layer 0 privacy infrastructure for the whole internet

Ford Stock Forecast: Can (NYSE: F) Strengthen From Demand Zone?

SHIB Scam Alert: Malefactors Managed to Launch X Advertising Campaign

Join our free newsletter for daily crypto updates!