{"id":7454,"date":"2023-11-30T07:48:21","date_gmt":"2023-11-30T07:48:21","guid":{"rendered":"https:\/\/coinengineer.io\/blog\/?p=7454"},"modified":"2023-11-30T07:48:21","modified_gmt":"2023-11-30T07:48:21","slug":"binance-ends-busd-support","status":"publish","type":"post","link":"https:\/\/coinengineer.net\/blog\/binance-ends-busd-support\/","title":{"rendered":"Binance Ends BUSD Support!"},"content":{"rendered":"

Binance Ends BUSD Support! Binance,<\/strong> announced that it will completely end its BUSD<\/strong> support, which it provides to its users, on December 15.<\/em><\/p>\n

\n

You might like: Poloniex Decides to Restart Deposit and Withdrawal Operations<\/em><\/strong><\/a><\/p><\/blockquote>\n

Binance has decided to terminate its support for the BUSD<\/strong> stablecoin on December 15. The exchange announced that it would “gradually” withdraw this support following Paxos’s decision to stop printing in February, which allowed the coin to be issued.<\/p>\n

In a blog post published on Wednesday, Binance,<\/strong> stated that users can use their BUSD’s<\/strong> until February 2024. However, they will stop withdrawal transactions on December 31 and the remaining BUSD<\/strong> balances will automatically be converted to FDUSD<\/strong> issued by FD121 Ltd.<\/p>\n

Binance’s<\/strong> stablecoin underwent regulatory scrutiny in February following the New York Department of Financial Services’ (NYDFS) order to Paxos to cease coin issuance.<\/p>\n

Shortly after, Binance,<\/strong> was sued by the Commodity Futures Trading Commission (CFTC) on allegations that it offered unregistered crypto derivative products in the US and violated federal laws. The 24-hour trading volume of BUSD<\/strong> is slightly below $400 million according to CoinMarketCap data, while this figure was around $900 million in August.<\/p>\n

With these developments, the decision to reduce Binance’s<\/strong> support on its BUSD stablecoin attracts attention in the cryptocurrency markets, while providing its users with the opportunity to use their BUSD’s<\/strong> until February 2024.<\/p>\n

Also, the stopping of withdrawal operations on December 31 and the automatic conversion of remaining BUSD<\/strong> balances to FDUSD<\/strong> <\/a> emerges as a significant change affecting Binance <\/strong>users.<\/p>\n

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You can freely share your thoughts and comments about the topic in the comment section. Additionally, please follow us on our\u00a0Telegram<\/strong>,\u00a0<\/a>YouTube,<\/strong><\/a>\u00a0and\u00a0Twitter<\/strong><\/a> channels for the latest news and updates.<\/em><\/p>\n

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Binance Ends BUSD Support! Binance, announced that it will completely end its BUSD support, which it provides to its users, on December 15. You might like: Poloniex Decides to Restart Deposit and Withdrawal Operations Binance has decided to terminate its support for the BUSD stablecoin on December 15. The exchange announced that it would “gradually”<\/p>\n","protected":false},"author":1,"featured_media":7453,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[9,2],"tags":[22,486,1910],"class_list":["post-7454","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto-news","category-news","tag-binance","tag-busd","tag-fdusd"],"yoast_head":"\nBinance Ends BUSD Support! - Coin Engineer<\/title>\n<meta name=\"description\" content=\"Binance Ends BUSD Support! 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