{"id":83755,"date":"2023-08-30T10:11:32","date_gmt":"2023-08-30T07:11:32","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=83755"},"modified":"2025-09-12T13:06:57","modified_gmt":"2025-09-12T10:06:57","slug":"binance-to-discontinue-support-for-busd-in-2024","status":"publish","type":"post","link":"https:\/\/forklog.com\/en\/binance-to-discontinue-support-for-busd-in-2024\/","title":{"rendered":"Binance to discontinue support for BUSD in 2024"},"content":{"rendered":"

Cryptocurrency exchange Binance<\/a> informed clients of the intention to discontinue support<\/a> for its own stablecoin<\/a> BUSD in 2024.<\/p>\n

\n\u201cBUSD will always be backed by US dollars at a 1-to-1 ratio,\u201d the platform said.<\/cite><\/p><\/blockquote>\n

In February NYDFS<\/span> initiated an investigation into Paxos, the issuer of stablecoins. The regulator ordered the company to cease issuing BUSD<\/a>. The firm also halted its cooperation with Binance.<\/p>\n

The company halted issuing new stablecoins in line with regulator instructions. Buyback and conversion operations are supported through at least February 2024.<\/p>\n

In March BUSD’s market capitalization fell below $10 billion for the first time since late June 2021. In June the metric fell to $4.35 billion. In the ranking of \u201cstablecoins\u201d the asset slipped to third place behind DAI.<\/p>\n

As of writing, BUSD’s market value was below $3.1 billion.<\/p>\n

\"222-50\"
Data: CoinGecko<\/a>.<\/figcaption><\/figure>\n

In March the CFTC filed a lawsuit<\/a><\/span> against Binance and its CEO Changpeng Zhao. In June the SEC filed. The Commission brought 13 charges<\/a><\/span>, including the sale of unregistered securities.<\/p>\n

On July 25, Binance filed a motion<\/a> in court to dismiss the CFTC’s complaint.<\/p>\n

In August Zhao criticized<\/a><\/span> the stablecoin USDT<\/a>, calling it a \u201cblack box\u201d with a \u201ccertain\u201d level of risk. He also said that Binance is working on an algorithmic \u201cstablecoin\u201d<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"

The cryptocurrency exchange Binance announced plans to discontinue support for its own stablecoin BUSD in 2024.<\/p>\n","protected":false},"author":1,"featured_media":83756,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[744,1625,807],"class_list":["post-83755","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-binance","tag-binance-usd-busd","tag-stablecoins"],"aioseo_notices":[],"amp_enabled":true,"views":"30","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/83755","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/comments?post=83755"}],"version-history":[{"count":1,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/83755\/revisions"}],"predecessor-version":[{"id":83757,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/83755\/revisions\/83757"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media\/83756"}],"wp:attachment":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media?parent=83755"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/categories?post=83755"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/tags?post=83755"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}