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BUSD Support to Be Discontinued by Binance

BUSD Discontinuation: Binance Ends Support

BUSD support will be discontinued by Binance, with the stablecoin ceasing to be supported effective December 15.

BUSD yellow wallpaper

This decision follows Binance’s previous statement in August, outlining a gradual phase-out plan after Paxos, the coin’s issuing entity, received a directive to halt coin minting in February.

According to a recent Wednesday blog post by Binance, users will have the ability to redeem their BUSD until February 2024. However, BUSD withdrawals on the platform will cease on December 31. Any remaining BUSD balances after this date will automatically convert to FDUSD, a stablecoin issued by FD121 Ltd.

In February, the United States Securities and Exchange Commission indicated that BUSD was an unregistered security in a Wells notice sent to Paxos, the entity responsible for the stablecoin. Additionally, the New York Department of Financial Services directed Paxos to halt the issuance of BUSD.

Announced on November 21, U.S. authorities finalized a settlement with Binance and former CEO Changpeng Zhao, mandating a payment of $4.3 billion. As part of this agreement, Zhao stepped down as CEO, allowing Richard Teng, the exchange’s head of regional markets, to assume the role.

The newly appointed CEO of the exchange emphasized in a recent blog post his commitment to collaborating with regulators and ensuring the exchange’s compliance with American laws.

Prior to August, BUSD held a significant position among stablecoins by market capitalization, surging to over $23.3 billion in November 2022.


As the cryptocurrency landscape adjusts to the discontinuation of BUSD, it’s crucial for miners and investors to reassess their strategies. At Mining Store, we provide advanced ASIC mining technology, top-tier bitcoin mining rigs, and a precise mining calculator to ensure your operations remain profitable and efficient. Equip yourself with the best tools in the industry and stay ahead in the ever-evolving world of crypto mining. Explore our solutions today to optimize your mining potential in this new era.

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