BUSD

First Digital USD

Spot

<a href="https://cryptoslate.com/companies/binance/" rel="noopener noreferrer nofollow">Binance</a> announced on <a href="https://www.binance.com/en/support/announcement/notice-regarding-the-removal-of-busd-and-conversion-of-busd-to-fdusd-1c98ce7bb464422dbbaeda7066ae445b" rel="noopener noreferrer nofollow">Nov. 29</a> that it will end support for its associated Binance USD (<a href="https://cryptoslate.com/coins/binance-usd/" rel="noopener noreferrer nofollow">BUSD</a>) stablecoin starting in mid-December.
Binance indicated that all spot trading pairs involving BUSD will be delisted between Dec. 11 and Dec. 15. It also said that spot trading orders and Spot Trading Bot services will be closed or terminated on the relevant date. Binance said that futures delistings will take place according to a <a href="https://www.binance.com/en/support/announcement/binance-margin-binance-futures-will-delist-busd-d980d81501594f80b2903cdfe29f1166" rel="noopener noreferrer nofollow">different schedule</a>.
The company said that users should withdraw their BUSD holdings or convert BUSD into other assets before Dec. 15. It noted that users can convert BUSD to another stablecoin, First Digital USD (<a href="https://cryptoslate.com/coins/first-digital-usd/" rel="noopener noreferrer nofollow">FDUSD</a>), at a 1:1 rate with zero fees.
The company said it would end BUSD withdrawals on Dec. 31 and that BUSD balances would be automatically converted to FDUSD. Users in some countries will not have their BUSD converted at that time, Binance said.
Binance added that collateral assets of Binance-Peg BUSD will also be converted to FDUSD at a yet-to-be-determined point around December 2023.
<h2 id="paxos-stopped-minting-busd-in-february">Paxos stopped minting BUSD in February</h2>
Binance’s issuing partner, <a href="https://cryptoslate.com/companies/paxos/" rel="noopener noreferrer nofollow">Paxos</a>, <a href="https://paxos.com/2023/02/13/paxos-will-halt-minting-new-busd-tokens/" rel="noopener noreferrer nofollow">announced that</a> it would stop minting BUSD in February amidst action from the New York Department of Financial Services (NYDFS). Binance noted today that Paxos will continue to offer redemption and support for BUSD through at least February 2024 despite halting issuance.
Binance has been gradually discontinuing BUSD in response to the developments involving Paxos. In March, Binance <a href="https://cryptoslate.com/binance-removes-busd-from-safu-fund-adds-tusd-usdt/" rel="noopener noreferrer nofollow">announced</a> it would replace BUSD in its SAFU Fund with other stablecoins while supporting BUSD more broadly.
Later, in <a href="https://cryptoslate.com/binance-nudges-users-towards-fdusd-as-it-gradually-phases-busd-out/" rel="noopener noreferrer nofollow">August</a>, Binance said it would end BUSD support by February 2024. It did not provide any specific date by which it would end support at the time. Also, in October, Binance <a href="https://cryptoslate.com/binance-continues-to-wind-down-busd-by-ending-borrowing-and-staking-support-for-the-stablecoin/" rel="noopener noreferrer nofollow">announced</a> the end of BUSD borrowing and staking.
BUSD currently has a market capitalization of $1.7 billion. By that measure, it is the fifth largest stablecoin and 39th largest cryptocurrency overall.
The post <a href="https://cryptoslate.com/binance-to-fully-phase-out-busd-by-end-of-december/" rel="noopener noreferrer nofollow">Binance to fully phase out BUSD by end of December</a> appeared first on <a href="https://cryptoslate.com" rel="noopener noreferrer nofollow">CryptoSlate</a>.

Binance to fully phase out BUSD by end of December

목차

CryptoSlate

2023년 11월 29일에 게재된 다른 기사

Solana Breaks Above Key Resistance Level, Further Surge Likely?

SHIB Price Prediction: 20,000 in Token Burning

Franklin Templeton updates its Spot Bitcoin ETF proposal after early deadline

Early Signs of Accumulation Hint at Polygon Reversal

UK Crypto Users Face New HMRC Tax Compliance Demands

AI-Powered Radar Data Analysis Revolutionizes Iceberg Tracking in the Southern Ocean

무료 뉴스레터에 가입하여 매일 최신 암호화폐 소식을 받아보세요!