Binance crypto exchange requested all the customers to swap their BUSD holdings to other stablecoin or crypto assets as per requirement.
Binance is a top-ranked crypto exchange. The digital assets trading services of this exchange are available globally. This exchange holds the highest number of crypto licences over any other crypto exchange. This crypto trade platform is mainly known for its secured crypto services.
On 31 Aug 2023, Binance published a blog post to inform Binance users that Binance is going to wind down its support for the BUSD stablecoin step by step.
Announced that Paxos Trust stopped the minting of stablecoin, so Binance will also gradually wind down support for BUSD & also confirmed that each BUSD is & was always pegged to value of $1.
Before the end of Feb 2024, Binance will completely shut down its BUSD-related services.
As per the announcement, users can swap their BUSD stablecoin holdings directly to other stablecoins on the platform without any trade fees.
Exchange also confirmed that its customers are open to deposit BUSD on the Exchange and deposit support will remain available via every other network.
Paxos Trust, BUSD, & Binance
Paxos Trust Company is a New York-based financial institution and technology company specializing in blockchain.
In the crypto sector, this crypto firm is known for its Paxos stablecoin (USDP). This company was also running BUSD operations under a promotional partnership with Binance. In short, full BUSD supply & financial management was under the control of Paxos and Binance was promoting the Binance exchange’s name.
In early of this year, a few US regulatory bodies sent a notice to Paxos Trust and ordered it to shut down the BUSD stablecoin. After that Paxos terminated the BUSD stablecoin business.
Read also: Crypto lender Nexo partners with MasterCard
Binance will completely shut down its BUSD stablecoin operations before Feb 2023
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