Global cryptocurrency exchange Binance has issued an important advice to its users regarding the BUSD (Binance USD) stablecoin.
Binance Recommends Users to Switch BUSD Assets to Other Stablecoins Before February 2024
In an announcement published on August 31, 2023, the platform urged users to convert their BUSD holdings into alternative stablecoins available on Binance before February 2024.
Binance assured its users that BUSD will continue to be backed by USD at a 1:1 ratio.
However, the exchange will gradually remove support for BUSD products and make relevant announcements for affected services. Because Paxos decided to stop printing BUSD tokens.
Despite the discontinuation of BUSD support, Binance will remain committed to the multiple stablecoins and digital assets on its platform. To this end, Binance is encouraging users to convert their BUSD holdings to other existing assets on the platform before February 2024.
In line with its transition plan, Binance will gradually delist BUSD spot and margin trading pairs. Delisting notices will be published separately for clarity.
Users are assured that they can continue trading supported assets through various stablecoin pairs and trading pairs on the exchange.
Binance will suspend BUSD borrowings via Cross Margin starting at 09:00 on September 7, 2023.
As of 09:00 on October 19, 2023, Cross Margin and Portfolio Margin users will not be able to use additional BUSD as new collateral in the Cross Margin Wallet. However, they can continue to use other tokens as collateral.
*Not investment advice.