Binance Ends Support for BUSD Products
Binance, the world’s largest cryptocurrency exchange, has announced that it will no longer support BUSD products starting from December 15, 2023. However, BUSD will continue to be backed 1:1 by USD and can be redeemed through February 2024. Binance is urging users to withdraw or convert their BUSD holdings before the deadline. Users can trade their BUSD balances for FDUSD with zero trading fees. All BUSD withdrawals will be disabled on December 31, 2023, and remaining balances will be automatically converted to FDUSD at a 1:1 conversion rate. Some countries, including Japan and France, are exempt from these changes.
Removal of Trading Pairs
Binance will also remove several trading pairs, including XRP/BUSD, ADA/BUSD, SHIB/BUSD, BTC/BUSD, ETH/BUSD, DOT/BUSD, and more. This adjustment aims to optimize the platform’s offerings and improve trading efficiency. Certain countries are excluded from these changes.
Delisting of Cryptocurrencies
On December 7, Binance will delist four cryptocurrencies: BitShares (BTS), PERL.eco (PERL), Tornado Cash (TORN), and Waltonchain (WTC). The decision is based on factors such as low trading volume, reduced development activity, and evidence of unethical behavior or negligence. Following the announcement, the prices of these assets have experienced significant declines.
Hot Take: Binance Implements Changes to Optimize Services
Binance is making strategic adjustments to its platform in order to optimize its services for users. By ending support for BUSD products and removing certain trading pairs and cryptocurrencies, Binance aims to enhance trading efficiency and maintain a high level of quality on its platform. These changes provide users with an opportunity to manage their holdings and explore alternative assets. It is important for Binance users to be aware of these updates and take the necessary actions before the specified deadlines.
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