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“As Paxos has stopped issuing new Binance USD, we will stop supporting BUSD products on December 15, 2023. Users are advised to withdraw or convert their BUSD assets to other available assets on Binance by December 15, 2023,” the exchange’s tech support said.
Asset redemption will be available until February 2024. And the full withdrawal of BUSD will be disabled already on December 31;
“Any BUSD balances on Binance customer accounts, except for users from Japan, France, Italy, Poland and Kazakhstan, will be automatically converted to FDUSD,” the official announcement reads.
Binance announced the discontinuation of BUSD support back in August. At the time BUSD was one of the top five largest stablecoins, with a market capitalization of $3.10 trillion.
In March, Binance dropped BUSD as an asset of its user asset protection fund (SAFU). Funds were transferred into TUSD and USDT stablecoins. This was due to the discontinuation of BUSD by Paxos – under pressure from US authorities.