The cryptocurrency exchange Binance will begin automatically converting certain stablecoins on user balances into BUSD from September 29.
#Binance to Auto-Convert $USDC, $USDP, $TUSD to #BUSD (Binance USD).
— Binance (@binance) September 5, 2022
“To increase liquidity and capital efficiency for users, Binance is introducing auto-conversion for existing user balances and new deposits in stablecoins USDC, USDP and TUSD at a 1:1 ratio,” the exchange’s representatives wrote.
According to them, users will begin trading a consolidated BUSD balance, which will reflect their assets in four stablecoins.
“This will not affect withdrawal options: users can still withdraw funds in USDC, USDP and TUSD at a 1:1 ratio to their BUSD-denominated account balance,” Binance stressed.
The changes will affect nearly all platform features and services, including:
- spot trading — support for pairs such as USDC/BUSD, USDC/USDT, USDP/BUSD, etc., will be discontinued;
- futures — for example, support for USDC in USDⓈ-M instruments will end;
- margin trading — lending support for instruments based on the above stablecoins will be discontinued;
- savings and staking products — flexible savings and DeFi staking options based on USDC will no longer be supported;
- Liquid Swap — the USDC/USDT pool will be closed, coins will be moved to spot wallets;
- crypto loans;
- Binance Pay;
- Binance Gift Card.
Representatives of the exchange also noted that they may change the list of stablecoins subject to auto-conversion in the future.
Earlier Binance blocked the corporate account of the Tezos ecosystem-focused startup Baking Bad.
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