Binance to Drop Support for BUSD Stablecoin by 2024
Binance, the largest cryptocurrency exchanges in the world, has revealed intentions to delist eight Binance USD (BUSD) trading pairs as part of a broader plan to withdraw full support for the stablecoin by 2024.
In a Wednesday blog post, the company revealed that Binance Margin will suspend AMB/BUSD, DASH/BUSD, FIDA/BUSD, HARD/BUSD, HOT/BUSD, IOST/BTC, NULS/BUSD, PORTO/BUSD and REQ/BUSD isolated margin borrowing by early September.
On September 7, at 06:00 (UTC), these pairs will be removed from both Binance's isolated margin market and cross margin market.
The exchange added that it will will close users’ positions, conduct an automatic settlement, and cancel all pending orders on these trading pairs by September 9.
During the delisting procedure, Binance has advised users to close all open positions and transfer their assets from margin wallets to spot wallets to avoid potential losses.
The exchange did not provide a specific reason for delisting eight BUSD pairs simultaneously.
However, reports suggest that the decision is part of a larger plan by Binance to fully drop support for the stablecoin by 2024.
In a recent tweet, Nu Brave, a prominent crypto influencer on X, shared that Binance sent a pop-up notification to its users that claimed the exchange will gradually cease supporting BUSD until 2024.
"According to an official announcement on crypto exchange Binance’s app, the exchange pops up a notification for users that they will stop supporting BUSD in 2024," Brave said in the tweet.
Back in Feberuary, the New York Department of Financial Services (DFS) ordered Paxos, a crypto firm that issues the stablecoin, to stop minting BUSD tokens.
In a consumer alert, the DFS said it issued the order “as a result of several
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