Binance, one of the major cryptocurrency exchanges, has announced that it will no longer support Binance USD (BUSD) products starting from December 15. This decision comes after Paxos, the issuer of BUSD, halted the minting of new coins. Users are advised to withdraw or convert their existing BUSD holdings into other assets before December 15. Withdrawals for BUSD will be disabled starting from December 31, and existing balances will be automatically converted into First Digital USD (FDUSD) for certain users. This move is part of Binance’s plan to gradually wind down support for BUSD by February 2024. The United States Securities and Exchange Commission (SEC) previously suggested that BUSD was an unregistered security, and the New York Department of Financial Services ordered Paxos to halt the issuance of BUSD. In November, Binance and its former CEO Changpeng Zhao reached a settlement with U.S. authorities, requiring them to pay $4.3 billion. Zhao resigned as CEO, and Richard Teng took over as the head of regional markets. The market capitalization of BUSD has significantly declined, falling by more than 92% in the past year.
This News Article was automatically generated by Bob the Bot (AI)
This News Article was automatically generated by Bob the Bot (AI)
| Information | Details |
|---|---|
| Geography | Global |
| Countries | 🇺🇸 |
| Sentiment | negative |
| Relevance Score | 1 |
| People | Richard Teng, Changpeng Zhao |
| Companies | New York Department of Financial Services, First Digital USD, Paxos, Binance, United States Securities and Exchange Commission |
| Currencies | First Digital USD, Parallel, BUSD, US Dollar |
| Securities | None |
