Binance to ‘Gr...

Binance to ‘Gradually’ End Support for BUSD Products

By coindesk.com August 31, 2023 In Binance, Binance USD, EOS

The move follows Paxos’ decision to halt minting of new BUSD.

Cryptocurrency exchange Binance said it will “gradually” end support for its BUSD stablecoin, removing it from spot and margin trading pairs.

Users have been asked to convert their BUSD into other assets by February next year in an announcement on Thursday.

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“As Paxos has halted minting of new BUSD, Binance will gradually cease support for BUSD products,” Binance said. “Please be assured that BUSD will always be backed 1:1 by USD.”

BUSD was subject to a regulatory clash in February when stablecoin issuer Paxos was ordered by the New York Department of Financial Services (NYDFS) to stop issuing it.

Edited by Oliver Knight.

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