Binance Will Stop Supporting BUSD Next Month

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Binance has announced that it will no longer support any Binance USD (BUSD) products after December 15, due to Paxos halting the creation of new coins.

Users are advised to withdraw or convert their BUSD into other assets before December 15. Withdrawals for BUSD will be disabled starting December 31, with existing balances automatically converted into First Digital USD (FDUSD) for certain users.

This follows Binance’s previous announcement in October that it would gradually phase out support for BUSD by February 2024, starting with the cessation of borrowing and lending services.

In February, the US Securities and Exchange Commission issued a Wells notice suggesting that BUSD may be an unregistered security, leading to the New York Department of Financial Services ordering Paxos to stop issuing BUSD.