Home ยป Binance Announces End of Support for BUSD Coin, Sets Deadline for Exchange Redemption in February 2024

Binance Announces End of Support for BUSD Coin, Sets Deadline for Exchange Redemption in February 2024

Binance has recently announced that it will no longer support the Binance USD (BUSD) coin, a stablecoin cryptocurrency pegged to the value of the US dollar at a 1:1 ratio. While the name BUSD may imply that it is a coin issued by Binance, it is actually issued by another company called Paxos Trust Company, which has issued several other stablecoin coins in the past, such as USDP (Paxos Dollar) or the recently launched PYUSD (PayPal USD). The similarity between BUSD and the other coins lies in the fact that they are all issued using the Binance brand.

However, earlier this year in February, Paxos received a cease-and-desist order from the financial regulatory authorities of New York to halt the issuance of BUSD due to its failure to meet risk assessment criteria. This caused other trading markets, such as Coinbase, to announce the suspension of BUSD trading prior to this.

As for Binance’s involvement in BUSD, it may take a bit longer to completely halt support for this coin as it has a more significant impact. The company has announced plans to stop supporting BUSD in its various services, including borrowing, payments, and withdrawals, starting from September onwards. The support for BUSD will officially end in February 2024. In the meantime, holders of the coin will be able to convert it into other stablecoin coins.

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