Best crypto exchange Binance, made a new announcement that may concern holders of Shiba Inu (SHIB), XRP and Cardano (ADA). Binance said it will discontinue support for BUSD products on December 15, given that Paxos has stopped minting new BUSD tokens. This move by Binance to completely stop support for BUSD will result in spot trading pairs of various crypto assets, including SHIB, ADA, and XRP, which will be delisted. will affect.
In accordance with past communications, #Binance will cease support for BUSD products starting on December 15, 2023.
NEWS CONTINUES BELOWUsers may trade or convert their BUSD balances for $FDUSD at zero trading fees.
Full details here 👇https://t.co/usRi09uOhi
NEWS CONTINUES BELOW— Binance (@binance) November 29, 2023
Koinfinans.com As we reported, Binance, XRP, SHIB and ADA/BUSD trading pairs will be removed and their transactions will be stopped on certain dates. SHIB/BUSD trading pair will be delisted at 03:00 (UTC) on December 13, while ADA/BUSD and XRP/BUSD trading pairs will be delisted at 03:00 (UTC) and 05:00 (UTC) on December 15. Binance says it will close all open spot orders for the pairs mentioned above once trading is halted. Binance will also discontinue spot trading bot services for these trading pairs on the specified dates. To avoid possible losses, users are strongly advised to update and/or cancel their spot trading bots before the specified time.
Binance Will Disable BUSD Withdrawals
Although Paxos stated that BUSD will continue to be supported and used until at least February 2024, Binance stated that BUSD withdrawals will be disabled on December 31, 2023. Except for users in Japan, France, Italy, Poland and Kazakhstan, all remaining BUSD balances in users’ Binance accounts will be automatically converted to FDUSD with a 1:1 conversion rate by December 31. As a result, users are encouraged to withdraw their BUSD tokens by December 15 or convert them to other existing assets on Binance, such as FDUSD.
Withdrawals of BUSD (ERC-20) tokens via the Ethereum network will be suspended and BUSD withdrawals will be suspended. According to the announcement, BUSD tokens pegged to Binance will be available on BNB Chain, Avalanche, polygon, Tron and Optimism networks will also be suspended. Dual Investment will phase out all BUSD products with settlement dates after December 8, and Simple Earn flexible products for BUSD will be discontinued.