Binance plans to gradually reduce support for BUSD products by February 2024, according to an announcement from the crypto exchange today.
products by February 2024, according to an announcement from the crypto exchange today.
While Binance reassured users that BUSD will always maintain its 1:1 backing to USD, it encouraged the conversion of the stablecoin into other available assets on its platform before February next year. It added that users can trade BUSD for First Digital USD with zero trading fees or convert BUSD balances to FDUSD at a 1:1 ratio..
Binance will delist BUSD spot and margin trading pairs during this period, with specific delisting details to follow. From September 7, the platform will also suspend BUSD borrowings on cross margin, and from October 19, users will no longer be able to transfer additional BUSD as new collateral to their cross-margin wallet. However, transfers of other tokens as collateral remain unaffected.
Binance is also delisting BUSD-margined perpetual contracts and the platform's earn and loan services will undergo adjustments related to BUSD by the end of the year. Additionally, Binance Gift Card will delist BUSD by September 30, and Binance Pay Merchant Service will deactivate BUSD as an order currency on the same date.
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