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Home » Binance Ceases BUSD Support, Shifts to FDUSD: Impact & Implications

Binance Ceases BUSD Support, Shifts to FDUSD: Impact & Implications

Hania by Hania
November 30, 2023
in Altcoin News, Crypto Exchanges
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Binance Ceases BUSD Support, Shifts to FDUSD: Impact & Implications
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Cryptocurrency giant Binance has revealed plans to discontinue its support for all Binance USD (BUSD) products, effective December 15, marking another significant step in the winding down of its native stablecoin. This decision comes on the heels of Paxos’ cessation of new coin minting.

According to a notice released on November 29, Binance urged its users to either withdraw or convert their existing BUSD holdings into alternative assets before the cutoff date of December 15. After December 31, Binance will deactivate the withdrawal option for BUSD, automatically converting existing balances into First Digital USD (FDUSD) for specific users.

This move is part of a phased approach outlined by Binance earlier to gradually discontinue support for BUSD, with a complete cessation planned before February 2024. The initial step in this direction was the termination of borrowing and lending services for the stablecoin back in October.

Binance Ceases BUSD Support, Shifts to FDUSD: Impact & Implications

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Ripple Effects of Binance’s BUSD Transition

The significance of this transition extends back to February when the United States Securities and Exchange Commission (SEC) raised concerns, indicating that BUSD might be an unregistered security. Paxos, the stablecoin issuer, received a Wells notice from the SEC, prompting the New York Department of Financial Services to order a pause in BUSD issuance.

In a related development on November 21, U.S. authorities announced a settlement with Binance and former CEO Changpeng Zhao, mandating a payment of $4.3 billion. As a part of this agreement, Zhao stepped down from his role as CEO, and Richard Teng assumed the responsibilities of leading the exchange’s regional markets.

Prior to August, BUSD ranked among the most substantial stablecoins by market capitalization, reaching a pinnacle of over $23.3 billion in November 2022. However, its market cap has declined significantly, plummeting by more than 92% within a year, now standing at approximately $1.7 billion at the time of this report.

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Hania

Hania

Hania is a 30-year-old blogger who used to be a teacher before entering the world of writing. She is originally from India and has been writing blogs on various topics for 2 years now. Hania is particularly interested in exploring the intersections of finance, technology, and cryptocurrency. Her experience as a teacher has given her unique insights into the ways in which digital media can be used to facilitate learning and engagement. Through her writing, Hania hopes to share her knowledge and learning of crypto industry with everyone.

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