Binance Urges Users to Exchange BUSD for Different Stablecoins before February 2024

According to an announcement from Binance, Paxos has stopped issuing new BUSD, and Binance will progressively stop supporting BUSD-related items. Users can rest assured that USD will always support BUSD 1:1.

Numerous stablecoins and digital assets will continue to be supported on Binance’s platform. Before February 2024, users are urged to exchange their BUSD assets for other assets that are currently offered on Binance. Users have the option of converting their BUSD holdings to FDUSD at a 1:1 ratio or exchanging their BUSD balances for FDUSD at no trading costs.

Spot & Margin

• The BUSD spot and margin trading pairs will be gradually removed from Binance. Separate delisting announcements will be made.

• Users can still trade supported assets on Binance using other stablecoin pairs and trading pairs.

• Binance will stop taking out BUSD loans on Cross Margin at 6:00 p.m. (UTC), effective September 7, 2023. Users of Cross Margin and Portfolio Margin will not be allowed to add more BUSD as new collateral to Cross Margin Wallet after October 19th, 2023, 06:00 (UTC). Other tokens can still be used as collateral by users.

Deposits & Withdrawals

• The BNB Chain, Avalanche, Polygon, Tron, and Optimism networks will stop allowing withdrawals of Binance-Peg BUSD coins at 0:00 (UTC) on September 7, 2023.

• Up until further notice, BUSD (ERC-20) token deposits and withdrawals via the Ethereum network will still be supported.

• Up until further notice, the BNB Chain, Avalanche, Polygon, Tron, and Optimism networks will enable deposits of Binance-Peg BUSD coins.

Convert

• Until further notice, users can manually transfer their BUSD balances to FDUSD using Binance Transfer at a 1:1 ratio. Users should be aware that the 1:1 conversion rate only applies when changing BUSD to FDUSD, not vice versa.

Futures

• BUSD-margined perpetual contracts will be progressively removed from Binance’s exchange. There will be separate delisting announcements.

• Individuals have the option to manually transform their BUSD holdings within the futures wallet into alternative futures margin assets using the Futures Asset Conversion feature.

Earn

• At 2023-10-13 04:00 (UTC), Simple Earn Flexible Products will discontinue selling BUSD subscriptions. A subsequent notification will be made about the complete delisting and automatic redemption of all outstanding BUSD positions.

• At 2023-09-15 02:00 (UTC), Auto-Invest will stop accepting new BUSD plan subscribers. Before this date, users should change the settings in their BUSD Auto-Invest plans to alternatives like FDUSD. All BUSD Auto-Invest plans on Binance will be automatically updated to FDUSD Auto-Invest plans after 2023-09-15 02:00 (UTC).

• The BUSD liquidity pools on Liquid Swap will be progressively removed. Delisting announcements will be made separately.

• Dual Investment will continue to support BUSD until 2023-12-31 0:00 (UTC), with no changes to any current or future subscriptions. After then, no more Dual Investment BUSD subscriptions will be offered.

• At 06:00 (UTC) on September 14, 2023, Flexible DeFi Staking will close all open BUSD positions, restore all BUSD assets to users’ spot wallets, and distribute any collected prizes.

Loans

• BUSD will be removed from Binance Loans (Stable and Flexible Rates) and VIP Loan’s list of loanable assets at 05:00 (UTC) on September 6, 2023. There will not be any immediate effects on any outstanding BUSD loan positions.

• BUSD will no longer be listed as a collateral asset for Binance Loans (Stable and Flexible Rates), effective September 6 at 04:00 (UTC). Current outstanding BUSD collateral positions won’t be affected.

• BUSD will cease to be used as collateral for VIP loans at 2023-12-13 04:00 (UTC).

• On the closing of outstanding BUSD loans and collateral holdings, a separate notification will be made.

Gift Card

• At 2:00 p.m. (UTC), BUSD will be delisted from Binance Gift Card.

• Gift Cards with BUSD tokens issued before September 30, 2023, at 02:00 (UTC) remain redeemable until further notice. To prevent any potential issues, it is recommended that users and minters redeem or sell these Gift Cards with BUSD tokens ahead of time.

Pay

• The Binance Pay Merchant Service will stop accepting BUSD as an order currency at 02:00 (UTC) on September 30, 2023.

• Up until further notice, any orders placed in BUSD prior to 2023-09-30 02:00 (UTC) can still be returned to the customers in BUSD.

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