Binance has announced that it will gradually cease support for BUSD products due to Paxos discontinuing the minting of new BUSD tokens. The platform assures that BUSD will maintain its 1:1 USD backing, and separate announcements will be released for affected services. Users are urged to convert their BUSD assets to other available stablecoins on Binance before February 2024, with options to trade BUSD for FDUSD at zero fees or convert at a 1:1 ratio.
Binance will start to delist BUSD spot and margin trading pairs, and users can continue trading supported assets through other stablecoin pairs on the platform. Beginning September 7, 2023, at 06:00 UTC, BUSD borrowings on Cross Margin will be suspended, and by October 19, 2023, at 06:00 UTC, users will no longer be able to transfer additional BUSD as new collateral to Cross Margin Wallet.
Although withdrawals of Binance-Peg BUSD tokens via BNB Chain, Avalanche, Polygon, and Tron networks will cease on September 7, 2023, at 00:00 UTC, deposits and withdrawals of BUSD (ERC-20) tokens via the Ethereum network will continue until further notice. Deposits of Binance-Peg BUSD tokens via BNB Chain, Avalanche, Polygon, and Tron networks will also be supported indefinitely.
