Binance to Gradually End Support for BUSD Stablecoin
Cryptocurrency exchange Binance has announced that it will gradually end support for its BUSD stablecoin. Users are being asked to convert their BUSD into other assets by February of next year. Binance made this announcement following Paxos’ decision to halt the minting of new BUSD. BUSD will always be backed 1:1 by USD.
Key Points:
– Binance will gradually cease support for BUSD products
– BUSD is being delisted as a loanable asset on September 6
– Withdrawals of Binance-peg BUSD tokens will cease on September 7
– BUSD’s 24-hour trading volume is just under $900 million
– BUSD was subject to a regulatory clash in February and Binance has faced legal challenges from the CFTC and SEC
Hot Take:
Binance’s decision to end support for BUSD reflects the challenges the exchange has been facing in the regulatory environment. With ongoing legal clashes and regulatory scrutiny, Binance is making strategic moves to ensure compliance and mitigate potential risks. The delisting and withdrawal of BUSD may impact traders and users, but Binance is taking steps to address these changes and maintain transparency in its operations.
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