Warning : It's The End Of BUSD Support ( Binance )
Binance, the world's largest cryptocurrency exchange, will cease support for the BUSD stablecoin on December 15, 2023. This decision comes after the New York State Department of Financial Services (NYDFS) ordered Paxos, the issuer of BUSD, to stop minting the token in February 2023.
BUSD is a USD-pegged stablecoin, meaning that its value is always equal to $1. It is one of the most popular stablecoins in the world, with a market capitalization of over $16 billion.
Binance has stated that it will gradually phase out support for BUSD over the next few months. Users will still be able to withdraw their BUSD holdings until February 2024, after which they will be automatically converted to FDUSD, another USD-pegged stablecoin.
The end of BUSD support is a significant development for the cryptocurrency industry. BUSD is one of the most widely used stablecoins, and it is unclear what impact its removal will have on the market.
Here is a timeline of the key events leading up to the end of BUSD support:
- February 2023: The NYDFS orders Paxos to stop minting BUSD.
- August 2023: Binance announces that it will gradually phase out support for BUSD.
- October 2023: Binance ceases borrowing and lending services for BUSD.
- December 13, 2023: Binance Simple Earn will cease support for BUSD.
- December 13, 2023: Binance Pay will remove BUSD from the list of supported cryptocurrencies.
- December 15, 2023: Binance will cease support for BUSD products.
Users are encouraged to withdraw or convert their BUSD holdings before December 15, 2023. After this date, BUSD will no longer be supported by Binance, and it will be difficult to trade or use the token.
