BUSD

Secure

First Digital USD

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  <p>Global crypto exchange&nbsp; <a href="https://cryptoslate.com/companies/binance/" rel="noopener noreferrer nofollow">Binance</a> announced on <a href="https://www.binance.com/zh-CN/support/announcement/%E5%B8%81%E5%AE%89%E5%80%9F%E5%B8%81-%E6%B4%BB%E6%9C%9F%E5%88%A9%E7%8E%87-%E5%B0%86%E4%BA%8E2023%E5%B9%B410%E6%9C%8825%E6%97%A5%E5%85%B3%E9%97%AD%E6%89%80%E6%9C%89busd%E5%80%9F%E5%B8%81%E5%92%8C%E6%8A%B5%E6%8A%BC%E4%BB%93%E4%BD%8D-1d7b456160b349ecbb389b121996d00b" rel="noopener noreferrer nofollow">Oct. 3</a> that&nbsp; it will end support for Binance USD (<a href="https://cryptoslate.com/coins/binance-usd/" rel="noopener noreferrer nofollow">BUSD</a>) borrowing and staking positions by Oct. 25, 2023. This closure appears to be part of a wider plan to phase out the troubled stablecoin, as regulatory scrutiny intensifies.</p> 
  <p>Binance has <a href="https://cryptoslate.com/binance-nudges-users-towards-fdusd-as-it-gradually-phases-busd-out/" rel="noopener noreferrer nofollow">urged</a> its users to convert their BUSD holdings to First Digital USD (FDUSD) as part of the gradual phasing out of support for the stablecoin. The exchange reassured its users that BUSD would remain backed 1:1 by USD until its support ends in February 2024.</p> 
  <p>Regulatory pressure has been a significant factor in Binance’s decision to phase out BUSD. Earlier this year, Paxos, the issuer of BUSD, announced it would halt the issuance of the stablecoin following scrutiny from U.S. regulators. The Securities and Exchange Commission also filed suit against Binance this summer for several alleged <a href="https://cryptoslate.com/seven-key-points-from-the-secs-charges-against-binance-and-binance-us/" rel="noopener noreferrer nofollow">violations</a> of U.S. securities law.</p> 
  <p>Since then BUSD’s circulating supply has <a href="https://cryptoslate.com/binance-backed-busd-circulating-supply-drops-to-less-than-3b/#:~:text=Binance%20has%20been%20urging%20its,with%20BUSD's%20demise%20now%20imminent.&amp;text=The%20circulating%20supply%20of%20Binance,market%2C%20according%20to%20CryptoSlate's%20data" rel="noopener noreferrer nofollow">dropped</a> precipitously, from a peak of more than $20 billion to approximately $3 billion.</p> 
  <p>The exchange also <a href="https://cryptoslate.com/binance-removes-busd-from-safu-fund-adds-tusd-usdt/" rel="noopener noreferrer nofollow">removed</a> BUSD from its Secure Asset Fund for Users (SAFU), claiming th removal was a strategic move to safeguard users, given the decreasing market cap of BUSD.</p> 
  <h3 id="under-pressure">Under pressure</h3> 
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    <p>The U.S. Securities and Exchange Commission (SEC) has filed a lawsuit against Binance and CEO Changpeng Zhao for several <a href="https://cryptoslate.com/binance-and-cz-sued-by-sec-for-breaching-securities-law/" rel="noopener noreferrer nofollow">alleged</a> violations of federal securities laws.</p> 
    <p>The SEC’s filing accuses Binance of profiting in billions by courting U.S. investors to buy, sell, and trade on its unregistered platform. The lawsuit also implicates BAM Trading Services Inc and BAM Management, who Binance partnered with in 2019 to launch Binance U.S.</p> 
    <p>In response to the SEC’s assertions that BNB and BUSD are securities. Binance <a href="https://cryptoslate.com/bnb-busd-not-securities-binance-rejects-secs-security-labels/" rel="noopener noreferrer nofollow">has argued</a> that BNB is a native token designed to create an internal economy and does not represent an investment contract, therefore holding that it is not a security.</p> 
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<p>The post <a rel="noopener noreferrer nofollow" href="https://cryptoslate.com/binance-continues-to-wind-down-busd-by-ending-borrowing-and-staking-support-for-the-stablecoin/">Binance continues to wind down BUSD by ending borrowing and staking support for the stablecoin</a> appeared first on <a rel="noopener noreferrer nofollow" href="https://cryptoslate.com">CryptoSlate</a>.</p>

Binance continues to wind down BUSD by ending borrowing and staking support for the stablecoin

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