Binance Will Stop Supporting BUSD

Reading Time: < 1 minute

Binance announced in September that it will no longer support withdrawals of the stablecoin BUSD (Binance USD) through the Tron, Avalanche, Binance Chain, and Polygon networks.

The exchange stated that all BUSD transactions will stop by the beginning of 2024.

Prior to this, Binance had announced that investors will be unable to make transactions with BUSD starting from December 15, following a ban by American authorities on Paxos, the company that issues BUSD. Originally, Binance had planned to phase out BUSD transactions by February 2022, but this timeline has now been revised.

In the meantime, exchange users were given the option to convert their BUSD into FDUSD, a stablecoin with no conversion fees.

Binance had initially collaborated with Paxos to launch BUSD in 2019, and its market capitalization had reached over $16 billion. It was the third-largest fiat-backed digital currency at the time.

Follow and like us on