BUSD

Optimism

Shiba Inu

<figure>
 <figcaption>
 Cover image via <a href="https://u.today/" rel="noopener noreferrer nofollow">U.Today</a>
 </figcaption>
</figure>
Top crypto exchange <a href="https://u.today/binance-v-sec-heres-whats-happening-now" rel="noopener noreferrer nofollow">Binance</a> has made a new announcement that might concern Shiba Inu (SHIB), XRP and Cardano (ADA) holders.
Binance says it will be ceasing <a href="https://twitter.com/binance/status/1729780402221465859" rel="noopener noreferrer nofollow">support</a> for BUSD products on Dec. 15, given that Paxos has halted the minting of new BUSD tokens.
This move by Binance to completely cease support for BUSD will impact the spot trading pairs of several crypto assets, including SHIB, ADA and XRP, which will be delisted.
<blockquote>
 In accordance with past communications, <a href="https://twitter.com/hashtag/Binance?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#Binance</a> will cease support for BUSD products starting on December 15, 2023.Users may trade or convert their BUSD balances for <a href="https://twitter.com/search?q=%24FDUSD&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">$FDUSD</a> at zero trading fees.Full details here 👇<a href="https://t.co/usRi09uOhi" rel="noopener noreferrer nofollow">https://t.co/usRi09uOhi</a>— Binance (@binance) <a href="https://twitter.com/binance/status/1729780402221465859?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">November 29, 2023</a>
</blockquote>
Binance says it will remove and cease trading on the XRP, SHIB and ADA/BUSD trading pairs on specific dates.
The SHIB/BUSD trading pair will be delisted on Dec. 13 at 3:00 a.m. (UTC), while the ADA/BUSD and XRP/BUSD trading pairs will be delisted on Dec. 15 at 3:00 a.m. (UTC) and 5:00 a.m. (UTC), respectively.
Binance says it will close all open spot orders for the above-mentioned pairs when trading ceases. On the specified dates, Binance will also terminate spot trading bot services for these trading pairs.
To avoid potential losses, users are<a href="https://u.today/massive-62-trillion-pepe-transfer-from-binance-how-pepe-price-reacted" rel="noopener noreferrer nofollow"> strongly</a> urged to update and/or cancel their spot trading bots before the stated time.
<h2 id="binance-to-disable-busd-withdrawals">Binance to disable BUSD withdrawals</h2>
Binance has stated that BUSD withdrawals will be disabled on Dec. 31, 2023, although Paxos announced that BUSD will continue to be supported and redeemed until at least February 2024.
Other than users in Japan, France, Italy, Poland and Kazakhstan, all remaining BUSD balances in users' Binance accounts will be automatically changed to FDUSD at a 1:1 conversion rate by Dec. 31.
As a result, users are recommended to withdraw or convert their BUSD tokens to other available assets on Binance, such as FDUSD, by Dec. 15.
Withdrawals of BUSD (ERC-20) tokens via the Ethereum network will be stopped, and BUSD withdrawals will be halted.
According to the announcement, withdrawals of Binance-pegged BUSD tokens from the BNB Chain, Avalanche, Polygon, Tron and Optimism networks will also be suspended.
Dual Investment will phase out all BUSD products with settlement dates after Dec. 8, and Simple Earn flexible products for BUSD will be discontinued.

SHIB, ADA, XRP Holders Should Note This Announcement From Binance

Table of Contents

U.Today

Other articles published on Nov 29, 2023

Join our free newsletter for daily crypto updates!