Binance Announced to stop BUSD stablecoin Support in Q1 2024
Binance is one of the largest crypto exchanges and has a presence in many countries. This exchange is popular because it offers a lot of cryptocurrencies on the platform for trading along with high volume and also they have many other products apart from trading on a spot and margin. this exchange is so big that does not require any introduction because anyone who is part of the cryptocurrency market is mostly aware of this exchange. probably most of the users are aware of this cryptocurrency exchange.
BUSD is the stablecoin of Binance exchnage but its managed by a third party and that company name is Paxos. This is a stable coin and it is backed by the US dollar. We have seen multiple stories about this stablecoin in the market and the exchange has been dealing with various legal issues, especially in the US. because this coin has been managed by Paxos and that company has already announced to stop mining BUSD anymore.
Binance is stopping BUSD Support
Now this exchange has started delisting with Busd for various coins and this is going to continue. the exchange has also been involved in various issues created by the Security and Exchange Commission in the United States so probably because of these legal problems the exchange is trying to get rid of this stable coin. they have clearly stated that the value of BUSD will always remain worth 1 USD but the exchange is planning to stop support for this stable coin in Q1 2024. They have already disabled some pairs in March and they will continue to do it till the time the coin is not removed from all the pairs.
The largest cryptocurrency exchange, Binance, announced to withdrawal of 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.
Binance Encourages Users to Convert BUSD to Other Stablecoins Prior to February 2024
Here I am sharing the official announcement article link for your reference and I recommend you to go through the same so that you understand how this exchange is planning to make the change in the coming months. It is highly recommended to convert your busd holding into some other coins that you want because from Feb 2024 onwards exchange might not provide any support. They have given ample amount of time to the users or the holders to make the right decision well in advance to avoid any inconvenience in future.
I have always observed that Binance as an exchange always try to follow a responsible approach and they do not create something that can cause a lot of issues to the users. for example in this case they have given approximately 6 months to the users to plan this change accordingly and I am sure most of the users will be able to get this done. The exchange does not make any decision in a rush which is good because this way they try to give enough amount of time to the community and their intention is not to hurt the community anyway instead provide all the possible options to take action and avoid any loss.
busd is one of the coins that is known as the exchange on coin however it was managed by another company but still people used to believe that it is a trustable coin as far as stablecoins are concerned. Now because of regulatory and legal issues, the exchange has decided to discontinue the support and since there is no further mining for the coin there will be a point when the exchange will not have any pair with Busd in a spot and margin trade. They are also going to discontinue all the products where Busd is involved so as a user we need to take action but at the same time, there is nothing to worry about because we have enough time to act.
I have some coins in my wallet which I will be converting to other stablecoins or crypto coins soon and I highly recommend everyone to check their wallets and take the necessary action if in case there is a holding for BUSD. Its always suggested to take action on time and don't wait for the last moment even if there is a lot of time. We also need to avoid using BUSD further from now onwards.
Thank you
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Oh this is big as well as bad news for binance users all around the world.
Yes it is and we need to take action on time
wow this is big news is that why market went down
Its a big news indeed but not sure if the market is down because of this.
I think this is part of it. i think the other part is the BTC etf fund getting rejected by SEC maybe
This is very informative and helpful. Thank you for not hoarding this information
thank you
la caza de brujas de la sec y la reserva federal sigue su curso, con razón los republicanos están a diestra y siniestra para condenar a los demócratas.
en vez de ser organismos independientes son mas burócratas que quieren llenarse los bolsillos en vez de dejar al mercado en paz
you are right and probably because of that Binance has taken this decision.
I noticed the EUR:BUSD and Hive:BUSD pairs also disappeared a while ago.
They are trying to remove BUSD from everything gradually so its better to covert BUSD if holding.
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Thanks for sharing this info! At least they have announced it on time and we shouldn't have some crazy dumps because of it... I know that many people are using SWAP.BUSD pools here on Hive-Engine (including myself), so we will have to find another stable coin and move our tokens...
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Binance follows a responsible approach by giving enough time for people to take action and this is good. Yes, whoever is using BUSd needs to look for another option now. Thanks for considering the post for @ourpick
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They are truly responsible to have given people so much time. Am happy to come across this blog so I can head over there to convert mine as well
Binance has been one of the easiest exchanges I use and because of that I had kept some stable coin as BUSD. Thank you for the information
Good to know that it helped you. thank you
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Thanks for sharing this! I wasn't aware, although it was a predictable outcome.
True that it was predicted move from Binance.