General Announcement: Changes to BUSD Support on Binance

1. Paxos Announcement:

As Paxos has ceased minting new BUSD, Binance will discontinue support for BUSD products effective December 15, 2023. It is essential to note that BUSD will continue to be backed 1:1 by USD. Paxos has assured that BUSD will remain supported and redeemable through at least February 2024.

2. Action Required by Users:

Users are strongly encouraged to withdraw or convert their BUSD assets into other available assets on Binance before December 15, 2023. A few recommended actions include:

Trading BUSD balances for FDUSD at zero trading fees.

Converting BUSD balances to FDUSD on Binance Convert at a 1:1 conversion rate with zero fees.

3. Timeline for Changes:

BUSD Withdrawals:

Disabled from December 31, 2023, 03:00 (UTC).

Automatic conversion of remaining BUSD balances (excluding specified regions) to FDUSD at a 1:1 conversion rate.

Spot Trading Pairs Removal:

Various trading pairs will be removed on specified dates from December 11 to December 15, 2023.

Spot Trading Bots Termination:

Spot Trading Bots services for relevant trading pairs will be terminated on the respective dates mentioned.

Futures & Margin Changes:

BUSD removal from Futures and Margin as per the announced schedule.

4. Collateral Conversion:

Binance-Peg BUSD collateral assets will be converted to FDUSD at a 1:1 conversion rate, expected to be completed around December 2023.

5. Deposits, Withdrawals & Conversions:

Temporary suspension of BUSD deposits via specific networks.

Automatic conversion of all BUSD balances to FDUSD at a 1:1 conversion rate, excluding specified regions.

6. Convert & OTC Services:

Delisting of BUSD pairs on Convert.

Suspension of BUSD to FDUSD conversion from December 29, 2023, 03:00 (UTC) until further notice.

7. Loans, Earn, Card, Pay, and Gift Card Services:

Various services involving BUSD, such as loans, earning, card usage, pay features, and gift card redemption, will undergo changes or be delisted. Specific dates and actions are detailed in the announcement.

8. Binance Pay:

Binance Pay will remove BUSD from the list of supported cryptocurrencies on Red Packet Creation and other features. 

Remember:

Binance has announced the discontinuation of support for BUSD on December 15, following an order earlier this year to cease minting by BUSD’s issuer, Paxos. In August, Binance outlined plans to gradually phase out BUSD support by February 2024 and encouraged users to transition to the stablecoin FDUSD. Conversion to FDUSD is still available with zero fees, as confirmed by Binance. Paxos has assured users that BUSD will continue to be supported and redeemable through at least February 2024, as mentioned in a Binance blog post. The New York Department of Financial Services had directed Paxos to halt the issuance of BUSD in February of this year.