In a recent development, Binance, a leading cryptocurrency exchange, has officially announced the termination of support for all Binance USD (BUSD) products effective December 15. This decision comes on the heels of Paxos discontinuing the minting of new coins.
According to a notice released on November 29, Binance has advised its users to either withdraw or convert their existing BUSD holdings on the platform into alternative assets before the stipulated date. Subsequently, beginning December 31, Binance will deactivate withdrawals for BUSD. At this juncture, any remaining balances will undergo an automatic conversion into First Digital USD (FDUSD) for specific users.
This move by Binance underscores the broader shifts within the cryptocurrency landscape, responding to industry changes and adjustments made by associated entities such as Paxos. Users are urged to stay informed and take appropriate action regarding their BUSD holdings in light of these upcoming changes.
