Binance, one of the world’s leading cryptocurrency exchanges, has announced its plan to reduce support for its Binance USD stablecoin by February 2024. This pivot arises from Paxos’s cessation of new BUSD token minting. Changes on the Binance platform are imminent as the exchange preps for this shift, including the phasing out of BUSD spot and margin trading pairs, suspension of Cross Margin borrowings for BUSD from September 7, 2023, suspension of withdrawals of Binance-Peg BUSD tokens across several networks, and the termination of BUSD subscriptions by mid-October 2023. Additionally, BUSD will no longer be a loanable asset from September 6, 2023, and Binance Gift Cards will not offer BUSD by the end of September 2023. BUSD will also be deactivated as an order currency within Binance Pay Merchant Service by September 30, 2023. Binance has also recently excluded Banco de Venezuela from its approved P2P trading payment methods and ceased its crypto debit card services in key areas, including Latin America and the Middle East.
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| Information | Details |
|---|---|
| Geography | South America |
| Countries | |
| Sentiment | neutral |
| Relevance Score | 8 |
| People | None |
| Companies | Binance, Paxos, Banco de Venezuela, FDUSD, Binance Pay |
| Currencies | Ethereum, US Dollar, Bitcoin, Binance USD, BNB |
| Securities | None |
