Cryptocurrency exchange Binance has asked users to convert their BUSD stablecoins into other crypto assets available on the platform by February 2024.
Earlier, the company said it will stop supporting BUSD in 2024. The decision came amid numerous lawsuits involving the coin. In March, Binance dropped BUSD from its user asset protection fund (SAFU). Funds were transferred into TUSD and USDT stablecoins. This is due to the discontinuation of BUSD by Paxos.
“As Paxos has stopped issuing new BUSDs, Binance will gradually stop supporting BUSD products