The BUSD stablecoin takes a bow on Binance

Binance will delete pairs and products linked to the token BUSD en December. Visit stablecoin issued by Paxos is at theforced outage for nearly a year at the request of the American authoritiess.

Binance announced on Wednesday that the stablecoin BUSD would soon disappear from its services.

As Paxos has stopped the creation of new BUSDs, Binance will stop supporting BUSD products on December 15, 2023″, the company wrote on its blog.

The number 1 in crypto-trading invites its customers to withdraw or convert their BUSDs before the deadline. Note that multiple BUSD pairs pairs offered by the exchange will be phased out from December 11.

Users can exchange their BUSD balance for FDUSD at no charge, or convert their BUSD balance to FDUSD on Binance Convert at a 1:1 conversion rate at no charge,” reads the article.

At the end of December, withdrawals in BUSD will no longer be possible, and all BUSD balances will be automatically converted into FDUSD. FDUSD. People based in Japan, France, Italy, Poland and Kazakhstan are not affected by this automatic conversion.

Back in September, Binance was already urging its customers to convert their BUSD into FDUSD. Launched in June by Hong Kong firm First Digital on Ethereum and BNB Chain, FDUSD is a stablecoin also backed by the greenback.

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Since February 2023, US authorities have prohibited Paxos, Binance’s partner on BUSD, from issuing new digital coins.

Recently, Binance pleaded guilty in a criminal case in the US. The world’s largest crypto exchange was fined $4.3 billion. Its founder-CEO Changpeng Zhao has resigned and faces a prison sentence.

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