Share this article
BTC
$105,724.44
-
1.85%ETH
$2,597.26
-
2.56%USDT
$1.0003
+
0.02%XRP
$2.1919
-
4.37%BNB
$671.52
-
1.94%SOL
$162.33
-
5.22%USDC
$1.0000
+
0.02%DOGE
$0.2044
-
8.17%TRX
$0.2726
-
1.53%ADA
$0.7038
-
5.43%SUI
$3.4575
-
5.17%HYPE
$32.69
-
0.15%LINK
$14.47
-
7.04%AVAX
$21.67
-
5.77%LEO
$9.2171
+
2.00%XLM
$0.2731
-
4.11%TON
$3.3106
-
1.61%BCH
$409.98
-
0.79%SHIB
$0.0₄1333
-
6.62%HBAR
$0.1758
-
4.43%Binance Will Cease Support for Its BUSD Stablecoin on Dec. 15
The exchange announced earlier this year that it would “gradually” end support for the stablecoin.
Binance said it will end support for its BUSD stablecoin on Dec. 15, following the exchange's August announcement that it would “gradually” do so after Paxos, the company that actually issued it, was ordered to stop minting the coin in February.
Users will still be able to redeem their BUSD until February 2024, Binance said in a blog post Wednesday. However, Binance said it would halt withdrawals on Dec. 31 and any remaining BUSD balances will at that point be automatically converted to FDUSD, a stablecoin issued by FD121 Ltd.
Продолжение Читайте Ниже
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
BUSD’s current 24-hour trading volume is just under $400 million, according to data by CoinMarketCap. It was around $900 million in August.
Binance’s stablecoin came under regulatory scrutiny in February after the New York Department of Financial Services (NYDFS) ordered Paxos to stop issuing it. Shortly after, Binance was sued by the Commodity Futures Trading Commission (CFTC) for allegedly offering unregistered crypto derivative products in the U.S. and violating federal law.
The exchange’s new CEO, Richard Teng, who succeeded founder Changpeng “CZ” Zhao earlier this month as part of a $4.3 billion settlement with the U.S., recently wrote in a blog post that he is committed to working with regulators and ensuring that the exchange complies with American laws.
Helene Braun
Helene is a New York-based markets reporter at CoinDesk, covering the latest news from Wall Street, the rise of the spot bitcoin exchange-traded funds and updates on crypto markets. She is a graduate of New York University's business and economic reporting program and has appeared on CBS News, YahooFinance and Nasdaq TradeTalks. She holds BTC and ETH.
Top Stories
