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Binance Urges Users to Transition BUSD Holdings Ahead of February 2024 Deadline


BUSD Binance token

Binance has announced a gradual discontinuation of support for BUSD products in response to Paxos ceasing new BUSD minting. The company reassures users that BUSD will remain backed 1:1 by USD.


Users are advised to convert their BUSD holdings into alternative assets on the Binance platform before February 2024. Conversions to FDUSD are encouraged, available at a 1:1 ratio with zero trading fees.

Image of Binance announcement BUSD discontinuation

Binance is also in the process of delisting BUSD spot and margin trading pairs, with separate notifications for impacted services. Withdrawals of Binance-Peg BUSD tokens on certain networks will cease by September 7, 2023 (UTC), while BUSD (ERC-20) token deposits and withdrawals via Ethereum network will continue.


Services such as BUSD subscriptions, Auto-Invest plans, and collateral usage will be discontinued on specific dates. Binance Gift Cards containing BUSD will be delisted by September 30, 2023 (UTC), and BUSD will no longer serve as an order currency in Binance Pay Merchant Service after the same date. See Binance’s announcement for more details.

 

DISCLAIMER: This article is solely for informational purposes and not for financial, investment, or trading advice, and should not be relied upon for making decisions. Furthermore, thecryptoverse.online has positions in the cryptocurrency mentioned in this article at the time of writing. For more see our full disclosure here.



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