Pax Dollar

BUSD

Binance exchange has decided to wind down support for its widely recognized stablecoin, BUSD, next year, in collaboration with Paxos.<h2 id="header-0">Paxos To Cease Support For BUSD</h2>BUSD, a digital currency pegged to the value of the US dollar, enjoyed significant popularity on Binance&#39;s platform. Yet, after <a href="https://cryptodaily.co.uk/2023/08/sec-to-sue-paxos-over-binance-usd-token" rel="noopener noreferrer nofollow">the SEC accused  Paxos of emitting BUSD, which it termed an unregistered security</a>, the stablecoin emission was halted and its use is being wound down.Paxos, a trusted name in the digital currency sector, has let it be known that it will continue to support the BUSD token, backed 1:1 to the US dollar until it ceases supporting it by February 2024.<blockquote>— Binance (&#64;binance) <a href="https://twitter.com/binance/status/1697159019234791909?ref_src&#61;twsrc%5Etfw" rel="noopener noreferrer nofollow">August 31, 2023</a>As Paxos has halted minting of new BUSD, <a href="https://twitter.com/hashtag/Binance?src&#61;hash&amp;ref_src&#61;twsrc%5Etfw" rel="noopener noreferrer nofollow">#Binance</a> will now gradually remove support for the stablecoin on our platform.BUSD will always remain backed 1:1 by USD, and we continue to support a wide range of other stablecoins.Find more details below.</blockquote><h2 id="header-1">Out Of BUSD And Into FDUSD?</h2>Binance made the announcement in a <a href="https://www.binance.com/en/support/announcement/binance-encourages-users-to-convert-busd-to-other-stablecoins-prior-to-february-2024-d392843e81fd4bc3a5f7e219aa01f34d" rel="noopener noreferrer nofollow">statement</a> on its website support section. It referred to the fact that Paxos had stopped minting BUSD and affirmed that users should convert their assets out of BUSD by February 2024.Binance also encouraged investors to move out of the BUSD stablecoin and into First Digital USD (FDUSD), stating that users would not have to pay fees on this particular trade.Probably seeking compliance with the SEC Wells Notice to Paxos that <a href="https://cryptodaily.co.uk/2023/08/sec-to-sue-paxos-over-binance-usd-token" rel="noopener noreferrer nofollow">BUSD is an unregistered security</a>, Binance has signalled that it will gradually delist all the remaining BUSD pairs on its platform.Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

Binance To Phase Out BUSD Support In Collaboration With Paxos

Table of Contents

Crypto Daily™

Other articles published on Aug 31, 2023

Yearn Community Approved the "Launch v3 Proposal"

Judge Dismisses Uniswap Lawsuit; Describes ETH a Commodity

BingX BTCUSDT scored industry lowest Slippage after Advanced Perpetual Futures Upgrades

City University Ajman and Ajman Municipality Collaborate in Empowering Human Resources through We...

🔥opBNB — New Vote on Roobee DAO!

Swift and Chainlink Collaborate to Foster Interoperability for Tokenized Asset Markets

Join our free newsletter for daily crypto updates!