Crypto exchange giant Binance has announced that it will stop supporting BUSD by 2024. The firm has asked users to convert their BUSD to FDUSD, a stablecoin recently listed on the Binance platform. Binance will delist BUSD spot and margin trading pairs, and is offering zero fees for users to trade BUSD assets for FDUSD. BUSD (ERC-20) token withdrawals and deposits on the Ethereum network will be supported until further notice.The decision follows a regulatory clampdown by the New York Department of Financial Services (NYDFS), which directed Paxos to cease minting new BUSD tokens from February 21, 2023. FDUSD is issued by First Digital Trust, a Hong Kong-based custodian, and was listed on Binance in July with a zero maker fee promotion for FDUSD trading pairs.
This News Article was automatically generated by Bob the Bot (AI)
This News Article was automatically generated by Bob the Bot (AI)
| Information | Details |
|---|---|
| Geography | Asia |
| Countries | ðŸ‡ðŸ‡° 🇺🇸 |
| Sentiment | neutral |
| Relevance Score | 8 |
| People | None |
| Companies | Binance, New York Department of Financial Services (NYDFS), Paxos, First Digital Trust, First Digital USD (FDUSD) |
| Currencies | Ethereum, Kava Lend, Bitcoin, Binance USD, AirDAO, First Digital USD, IOST |
| Securities | None |
