The cryptocurrency exchange Binance will fully discontinue support for the stablecoin BUSD and delist it on December 15.
In accordance with past communications, #Binance will cease support for BUSD products starting on December 15, 2023.
Users may trade or convert their BUSD balances for $FDUSD at zero trading fees.
Full details here ?https://t.co/usRi09uOhi
— Binance (@binance) November 29, 2023
The company noted that the asset’s issuer Paxos has ceased issuing it. Redemption of the stablecoin will be available until February 2024.
BUSD withdrawals will be disabled on December 31, after which user balances on the exchange (excluding Japan, France, Italy, Poland and Kazakhstan) will be automatically converted to FDUSD.
In August, Binance announced to customers its intention to discontinue support for BUSD. The company’s representatives cited the NYDFS investigation into Paxos. In February the regulator ordered the firm to halt the issuance of BUSD.
According to CoinGecko, the stablecoin’s market capitalisation had been shrinking since the end of 2022. Over the year, the figure fell from $22 billion to $1.7 billion.
On November 21, in a deal with the U.S. Department of Justice, Binance agreed to pay $4.3 billion, and its founder Changpeng Zhao to a $50 million fine and to step down as chief executive.
He posted a $175 million bail to remain free until the verdict on February 23, 2024. Prosecutors sought a travel ban preventing him from leaving the United States, citing fears of flight. The entrepreneur faces up to ten years’ imprisonment.
The judge barred Zhao from leaving the United States pending the DOJ’s motion.
Following his resignation as chief executive, Binance was led by Richard Teng.