Binance Stops Support for BUSD and Offers Conversion to FDUSD
Binance has announced that it will no longer support BUSD and is urging users to convert their funds to other stablecoins. The decision comes after BUSD issuer Paxos received a Wells Notice from the SEC, prompting the end of their relationship with Binance. Here are the key points:
– Binance is encouraging users to convert their BUSD holdings to other stablecoins by February 2024.
– BUSD will be delisted from various Binance products, including Spot and Margin, Futures, Binance Pay, Binance Gift Cards, Loans, and Earn. Specific trading pairs will be announced separately.
– Binance is offering to convert users’ BUSD balance to FDUSD at a 1:1 ratio.
– FDUSD, a stablecoin backed by First Digital Trust Limited, has experienced significant market capitalization growth since its launch.
– Tether’s CTO raised concerns about the legitimacy of FDUSD in a cryptic tweet.
In conclusion, Binance is discontinuing support for BUSD due to Paxos’ SEC issues and is offering users the option to convert to FDUSD. The move aims to provide alternative stablecoin options for users.
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