The largest cryptocurrency exchange, Binance, announced to withdraw its support for BUSD. They have advised users to initiate the conversion of their Binance USD (BUSD) holdings into other available assets.
As per the announcement on August 31st, Binance has formally urged users to proceed with the convention of their BUSD holdings to other stablecoins before February 2024. This decision aligns with Paxos’ intentions to cease BUSD redemption by that time frame.
Consequently, due to this new development, there will be a suspension in trading for eight Binance USD (BUSD) trading pairs including AMB, DASH, FIDA, HARD, HOT, IOST, NULS, PORTO, REQ. Binance will gradually delist BUSD spot and margin trading pairs
Starting from September 7, these specific pairs will be delisted from both Binance’s isolated margin market and cross margin markets. The exchange has further indicated that it will carry out the closure of users’ positions, initiate an automatic settlement, and invalidate any outstanding orders.
While underlining the cessation of BUSD, Binance has extended encouragement to its users to engage in trading or the conversion of their BUSD balances into First Digital USD (FDUSD).