TL;DR
The world’s largest cryptocurrency exchange in terms of trading volume – Binance – said it will cease support for BUSD products on December 15, 2023.
“Please be assured that BUSD will always be backed 1:1 by USD. Paxos has stated that BUSD will remain supported by Paxos and redeemable through at least February 2024,” the company added.
Binance encouraged clients to withdraw or convert their BUSD holdings into other assets before the aforementioned deadline. It is worth noting that users are allowed to trade their BUSD balances for FDUSD at zero trading fees.
All BUSD withdrawals will be disabled on December 31, 2023, and remaining balances will be automatically converted to FDUSD at a 1:1 conversion rate. Binance users in Japan, France, Italy, Poland, and Kazakhstan are excluded from the amendments.
The exact trading pairs that will be removed include XRP/BUSD, ADA/BUSD, SHIB/BUSD, BTC/BUSD, ETH/BUSD, DOT/BUSD, and many more.
The trading venue also announced that it will remove four cryptocurrencies from its platform on December 7. Those are BitShares (BTS), PERL.eco (PERL), Tornado Cash (TORN), and Waltonchain (WTC).
The reason behind the move seems to be a variety of factors, such as reduced level of development activity, low trading volume and liquidity, evidence of unethical/fraudulent conduct or negligence, and others.
The disclosure seemed to have negatively affected the price of the aforementioned assets. TORN has plunged by over 50% in the past seven days, while PERL has collapsed by almost 70% for the same period.
