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Binance Ceases BUSD Support By February 2024: Report

Binance-Ceases-BUSD-Support-By-February-2024-Report

Key Points:

Binance will stop supporting BUSD products gradually and will delist them from various services at different times.
Users are encouraged to convert their BUSD assets into other available assets before February 2024.

Binance to cease support for BUSD, urging users to convert prior to Feb 2024. BUSD will be delisted from various services at different times.

Binance has announced that it will gradually cease support for BUSD products in favor of other stablecoins and digital assets on its platform. As Paxos has halted minting new BUSD, the exchange is encouraging users to convert their BUSD assets into other available assets prior to February 2024. BUSD will always be backed 1:1 by USD, so users should have no concerns in that regard.

Withdrawals of Binance-Peg BUSD tokens via BNB Chain, Avalanche, Polygon, and Tron networks will cease at @Next Thursday 00:00 (UTC). Deposits and withdrawals of BUSD (ERC-20) tokens via Ethereum network will continue to be supported until further notice. BUSD will also be delisted from various services at different times.

Action	Date
Withdrawals of Binance-Peg BUSD tokens via BNB Chain, Avalanche, Polygon, and Tron networks	September 7, 2023 00:00 (UTC)
Deposits and withdrawals of BUSD (ERC-20) tokens via Ethereum network	Until further notice
Deposits of Binance-Peg BUSD tokens via BNB Chain, Avalanche, Polygon, and Tron networks	Until further notice
Users can manually convert their BUSD balances to FDUSD at a 1:1 ratio using Binance Convert	Until further notice
Simple Earn Flexible Products will stop offering BUSD subscriptions	October 13, 2023 04:00 (UTC)
Auto-Invest will discontinue BUSD plan subscriptions	September 15, 2023 02:00 (UTC)
Liquid Swap will gradually delist BUSD liquidity pools	N/A
Dual Investment will support BUSD	Until December 31, 2023 00:00 (UTC)
Flexible DeFi Staking will close all outstanding BUSD positions	September 14, 2023 06:00 (UTC)
BUSD will be delisted as a loanable asset from Binance Loans (Stable and Flexible Rates) and VIP Loan	September 6, 2023 04:00 (UTC)
BUSD will be delisted as a collateral asset from Binance Loans (Stable and Flexible Rates)	September 6, 2023 04:00 (UTC)
BUSD will be delisted as a collateral asset from VIP Loan	December 13, 2023 04:00 (UTC)
Binance Gift Card will delist BUSD	September 30, 2023 02:00 (UTC)
BUSD will be deactivated as an order currency within Pay Merchant Service	September 30, 2023 02:00 (UTC)
Binance will suspend BUSD borrowings on Cross Margin	September 7, 2023 06:00 (UTC)
Cross Margin and Portfolio Margin users won’t be able to transfer in additional BUSD as new collateral to Cross Margin Wallet	From October 19, 2023 06:00 (UTC)
BUSD-margined perpetual contracts will be delisted	N/A

DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

Thana

I am a news editor at Coincu, where I produce daily editorial packages and manage the knowledge and review article sections. Before journalism, I earned a Bachelor's degree in Global Logistics and Supply Chain Management from Northampton University and studied news journalism at Press Association Training.