Binance to Delist the BUSD Stablecoin from its Platform
Users have until December 15 to withdraw or convert their BUSD.
Users can convert BUSD to FDUSD without any fees, according to Binance.
The End of BUSD on Binance
The Binance exchange recently announced the end of support for the BUSD stablecoin starting from December 15.
This decision comes after the New York Department of Financial Services demanded Paxos, the issuer of BUSD, to halt its token production earlier this year.
Binance Offers Free Conversion of BUSD to FDUSD
Binance users can currently convert their BUSD to FDUSD with zero fees.
Starting from December 31, BUSD withdrawals will be disabled and existing balances will be automatically converted to FDUSD for certain users.
“Paxos stated that BUSD would remain backed by Paxos and redeemable at least until February 2024“
– Binance
Launched in 2019, BUSD was once the third-largest stablecoin by market capitalization, behind USDC and USDT, with a total supply of nearly $17 billion.
This decision by Binance comes at a time when U.S. authorities have increased their pressure on the crypto ecosystem, including the Binance platform.
Recently, Binance agreed to pay over $4 billion in fines and its CEO Changpeng Zhao resigned after pleading guilty to bank secrecy violations.
