Binance to Cease Support for Binance USD (BUSD)
Binance, the world’s largest crypto exchange, has announced its decision to gradually discontinue support for Binance USD (BUSD) across its services. This comes after Paxos stopped minting new BUSD tokens, but Binance assures users that BUSD will still be backed 1:1 by the U.S. dollar. Here are the key points:
- Users urged to convert BUSD holdings to other stablecoins or trade for FDUSD
- Borrowing BUSD in Cross Margin trading suspended from September 7, 2023
- No new BUSD collateral transfers to Cross Margin Wallets from October 19, 2023
- Withdrawals of Binance-Peg BUSD tokens via certain networks halted from September 7, 2023
- Gradual delisting of BUSD-margined perpetual contracts
- Simple Earn Flexible Products to stop offering BUSD subscriptions from October 13, 2023
- Auto-Invest feature discontinues BUSD plans from September 15, 2023
- Liquid Swap removes BUSD liquidity pools gradually
- Flexible DeFi Staking closes all existing BUSD positions on September 14, 2023
- BUSD delisted as a loanable asset and collateral from Binance Loans and VIP Loan
- Binance Gift Cards no longer support BUSD from September 30, 2023
- BUSD deactivated as an order currency in Binance Pay Merchant Service from September 30, 2023
Hot Take: Binance’s decision to gradually cease support for BUSD reflects changes in the market and the need for users to adapt to alternative stablecoins. It is essential for BUSD holders to take appropriate action before the specified dates to ensure a smooth transition to other supported assets.
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