Binance Ends Support for BUSD Stablecoin: Regulatory Compliance and Impact on Users

2023-11-30 15:11:29

According to a recent announcement, the Binance crypto exchange will end support for the BUSD stablecoin on December 15. This was not such a surprise because it was already announced in August that sooner or later this would happen, now only the date has become certain. The reason can be traced back to the regulatory actions, in February of this year the issuer of BUSD, Paxos, was obliged to end the coin issue. Binance mobilizes great forces to fight for compliance Binance users can redeem BUSD coins until February 2024, but the last time payments can be made is December 31, 2023. At that point, all existing BUSD balances will be converted to FDUSD. The latter is a stablecoin issued by FD121 Ltd. Users and the market expected this because the trading volume of BUSD coin is around 400 million dollars a day, which is a significant decrease compared to 900 million dollars in August. Binance’s stablecoin came under regulatory fire in February. The New York Financial Services Authority then ordered the suspension of the issue at Paxos. Shortly thereafter, the CFTC sued Binance. Allegedly disallowed due to US trading of crypto derivatives. So the current announcement was not really unexpected. By the way, the new CEO of Binance, Richard Teng, recently wrote in a blog post that he is doing everything he can to comply with American laws, which is why they are closely cooperating with the regulators in everything.

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