Fun

Binance will end support for BUSD stablecoin in December

News Feed - 2023-11-30 06:11:54

Turner Wright2 hours agoBinance will end support for BUSD stablecoin in DecemberMany users" Binance USD balances will automatically be converted into First Digital USD starting on Dec. 31.1902 Total views11 Total sharesListen to article 0:00NewsJoin us on social networksMajor cryptocurrency exchange Binance announced it will cease support for all Binance USD (BUSD) products starting on Dec. 15 following Paxos halting the minting of new coins.


In a Nov. 29 notice, Binance said users should withdraw or convert their existing BUSD on the exchange into other assets before Dec. 15. Starting Dec. 31, Binance will disable withdrawals for BUSD. At that point, existing balances will automatically be converted into First Digital USD (FDUSD) for certain users.In accordance with past communications, #Binance will cease support for BUSD products starting on December 15, 2023.

Users may trade or convert their BUSD balances for $FDUSD at zero trading fees.

Full details here https://t.co/usRi09uOhi— Binance (@binance) November 29, 2023


The move was the latest by Binance in winding down services for its native stablecoin. The exchange announced it planned to gradually stop support for BUSD before February 2024, starting with ceasing borrowing and lending services for the stablecoin in October.


In February, the United States Securities and Exchange Commission suggested BUSD was an unregistered security in a Wells notice issued to Paxos — the issuer behind the stablecoin. The New York Department of Financial Services also ordered Paxos to halt the issuance of BUSD.


Related:Binance.US asks users to convert USD into stablecoins for withdrawals


On Nov. 21, U.S. authorities announced they had reached a settlement with Binance and former CEO Changpeng Zhao, requiring them to pay $4.3 billion. Zhao resigned as CEO as part of the settlement, with the exchange’s head of regional markets, Richard Teng, stepping into his shoes.


Before August, BUSD was one of the largest stablecoins by market capitalization, reaching a peak of more than $23.3 billion in November 2022. At the time of publication, the stablecoin’s market cap was roughly $1.7 billion, falling by more than 92% in 12 months.


Magazine:Unstablecoins: Depegging, bank runs and other risks loom# Dollar# Business# Cryptocurrency Exchange# Binance# StablecoinAdd reactionAdd reactionRead moreHow to buy Bitcoin and Ethereum in the UKWhy Binance’s US plea deal could be positive for crypto adoptionNew Binance CEO Richard Teng pitches ‘very strong’ foundation to skeptics

News Feed
Brian Nibley2 hours ago3 reasons why Bitcoin traders anticipate BTC price to briefly sweep the $27.5K levelOverhead resistance levels continue to constrict Bitcoin price expansion, leading some analysts to forecast a bri
2023-07-20 06:30 AM
Tough Crypto Law Expected in Russia Despite Central Bank’s Softer Stance on Crypto Payments
Tough Crypto Law Expected in Russia Despite Central Bank’s Softer Stance on Crypto Payments The bill “On Digital Currency,” meant to comprehensively regulate crypto
2022-06-02 20:30 PM
Amaka Nwaokocha8 minutes agoTurkey aims to shed FATF gray list status with new crypto regulationsFinance Minister Simsek reportedly stated that the sole outstanding technical compliance matter is crypto assets.37 Total v
2023-11-01 17:51 PM
US Lawmakers Caution Against Regulations Restricting Use of Self-Hosted Crypto Wallets
US Lawmakers Caution Against Regulations Restricting Use of Self-Hosted Crypto Wallets Four U.S. lawmakers have sent a letter to Treasury Secretary Steven Mnuchi
2020-12-13 04:30 AM
EA Wants You to Invest in Crypto, or Does It?
EA wants you to invest in crypto, or does it? The gaming powerhouse authored a tweet a little over an hour ago pushing its 5.5 million followers to invest in cryptocurrency. Source:
2019-09-20 04:48 AM
Tom Blackstone1 hour agoFedNow “early adopter” list contains no blockchains, but some may integrate laterTwo blockchain networks had previously announced integration with the Fed’s instant payment service, but they
2023-07-01 07:30 AM
Marcel Pechman5 hours agoEthereum price drops to a 7-month low as data points to more downsideETH price is at risk of trading below a key price support, and multiple data points point to a bearish outlook for the altcoin
2023-10-14 03:07 AM
Turner Wright6 hours agoTether acquires stake in Bitcoin miner Northern Data, hinting at AI collaborationThe strategic investment into Northern Data through Tether group company Damoon may involve collaborations leveragi
2023-09-22 03:00 AM
Amazon’s Payment Team Hiring Digital Currency Expert to Develop Cryptocurrency Strategy and Products
Amazon’s Payment Team Hiring Digital Currency Expert to Develop Cryptocurrency Strategy and Products Amazon’s Payments Acceptance & Experience team is hi
2021-07-24 23:00 PM
Zhiyuan Sun5 hours agoBinance invests $5M in Curve token as hacker partially returns fundsTwenty-seven percent of the funds stolen in the July 30 exploit have yet to be returned.637 Total views4 Total sharesListen to art
2023-08-11 03:00 AM
Q-Day approaching: Can Ethereum survive a quantum emergency?
Daniel Ramirez-Escudero10 hours agoQ-Day approaching: Can Ethereum survive a quantum emergency?Quantum computing is the next most significant disruptive technological leap and its rapid evolution and funding will soon ma
2024-04-26 22:35 PM
Savannah Fortis10 hours agoBinance pledges $3M in BNB to Morocco earthquake victimsBinance said it will issue a series of airdrops worth up to $100 in BNB to users located in Morocco’s highly impacted Marrakech region.
2023-09-12 22:27 PM