This is a general announcement. The products and services mentioned may not be available in your region.
Hello Binancian:
Since Paxos has stopped minting new BUSD, Binance will gradually stop supporting BUSD products. Other announcements will be posted regarding affected services. We guarantee that BUSD will always be backed 1:1 per USD.
Binance will continue to support multiple stablecoins and digital assets on its platform. We encourage users to convert their BUSD assets to other assets available on Binance before February 2024. Users can exchange their BUSD balances for FDUSD without trading fees or convert their BUSD balances to FDUSD at a 1:1 ratio.
Spot and Margin:
Binance will phase out BUSD trading pairs in the Spot and Margin markets. Further announcements will be made regarding the delisting process.
Users can continue to trade supported assets through other stablecoin pairs and trading pairs on Binance.
On September 7, 2023 at 06:00 (UTC), Binance will suspend BUSD lending on Cross Margin. Starting October 19, 2023 at 06:00 (UTC), Cross Margin and Wallet Margin users will no longer be able to transfer additional BUSD as new collateral to the Cross Margin wallet. They will be able to continue transferring other tokens for collateral.
Deposits and withdrawals:
Withdrawals of Binance-Peg BUSD tokens via the BNB Chain, Avalanche, Polygon, Tron, and Optimism networks will no longer be allowed starting September 7, 2023 at 00:00 (UTC).
Deposits and withdrawals of BUSD (ERC-20) tokens via the Ethereum network will continue to be supported until further notice.
Deposits of Binance-Peg BUSD tokens via the BNB Chain, Avalanche, Polygon, Tron, and Optimism networks will continue to be supported until further notice.
Convert:
Users can manually convert their balances from BUSD to FDUSD at a 1:1 ratio using Binance Convert until further notice. Please note that the 1:1 conversion rate is only applicable for converting BUSD to FDUSD, and not the other way around.
Earn:
Simple Earn Flexible products will stop supporting BUSD subscriptions on October 13, 2023 at 04:00 (UTC). A separate announcement will be made regarding the delisting and automatic redemptions of the remaining BUSD positions.
Automatic Investment will suspend subscriptions to plans in BUSD on September 15, 2023 at 02:00 (UTC). Users must modify the settings of their Automatic Investment plans in BUSD to alternatives such as FDUSD before this date. After September 15, 2023 at 02:00 (UTC), Binance will automatically upgrade all BUSD Auto Invest plans to FDUSD plans.
Liquid Swap will gradually eliminate liquidity pools in BUSD. Further announcements will be made regarding the delisting process.
Flexible DeFi Staking will close all pending positions in BUSD and return BUSD assets to users' Spot wallets, along with any accumulated rewards, on September 14, 2023 at 06:00 (UTC).
Loans:
On September 6, 2023 at 04:00 (UTC), BUSD will be removed as an asset available for Binance Loans (stable and flexible rates) and VIP Loans. Outstanding loan positions in BUSD will not be affected for the time being.
On September 6, 2023 at 04:00 (UTC), BUSD will be removed as an asset available for collateralization by Binance Loans (stable and flexible rates). Pending collateralized positions in BUSD will not be affected for the time being.
On December 13, 2023 at 04:00 (UTC), BUSD will be removed as collateral for VIP Loans.
A separate announcement will be published regarding the closure of outstanding loan and collateral positions in BUSD.
Gift cards:
Binance Gift Card will delist BUSD on September 30, 2023 at 02:00 (UTC).
All gift cards in BUSD created before September 30, 2023 at 02:00 (UTC) can still be redeemed until further notice. To avoid any inconvenience, users are advised to redeem their gift cards containing BUSD tokens now, and minters are advised to sell their gift cards containing BUSD tokens now.
Pay:
On September 30, 2023 at 02:00 (UTC), BUSD will be removed as a currency for orders within merchant services on Binance Pay.
All existing BUSD orders created before September 30, 2023 02:00 (UTC) can still be returned to clients in BUSD until further notice.
Thanks for your support!
The Binance Team
31/8/2023
Note: This announcement was last modified on August 31, 2023 to add details on Binance-Peg BUSD deposits and withdrawals via the Optimism network.
