Binance crypto exchange has asked all customers to exchange their BUSD holdings for other stablecoin or crypto assets as required.
Binance is a highly regarded crypto exchange. The digital asset trading services of this exchange are available worldwide. This exchange boasts the highest number of crypto licenses among all other crypto exchanges. This crypto trading platform is best known for its secure crypto services.
On August 31, 2023, Binance published a blog post to inform Binance users that Binance is gradually phasing out its support for the BUSD stablecoin.
Announced that Paxos Trust has stopped producing stablecoin so that Binance will also phase out support for BUSD and also confirmed that each BUSD is and was always pegged to a value of $1.
Before the end of February 2024, Binance will completely discontinue its BUSD-related services.
According to the announcement, users can directly exchange their BUSD stablecoin holdings for other stablecoins on the platform, without any trading fees.
Exchange also confirmed that its customers are open to depositing BUSD on the Exchange and deposit support remains available through any other network.
Paxos Trust, BUSD and Binance
Paxos Trust Company is a New York-based financial institution and technology company specializing in blockchain.
In the crypto sector, this crypto company is known for its Paxos stablecoin (USDP). This company also conducted BUSD business under a promotional partnership with Binance. Basically, the entire BUSD offering and financial management was under the control of Paxos and Binance promoted the name of the Binance exchange.
Early this year, some US regulators sent notice to Paxos Trust and ordered it to shut down the BUSD stablecoin. After that, Paxos ended the BUSD stablecoin business.
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