Binance has advised its users to convert their Binance USD (BUSD) holdings to First Digital USD (FDUSD) as it intends to phase out support for BUSD by February 2024, according to an Aug. 31 statement.
The exchange said it would “gradually” end support for several BUSD products, including delisting its spot and margin trading pairs, alongside its removal as a loanable asset on its platform, among other things. Meanwhile, Binance assured its users that BUSD would always be backed 1:1 by USD till it ends its support next year.
Binance attributed its decision to the regulatory issues surrounding the stablecoin. Earlier in the year, Paxos, BUSD issuer, said it would suspend the stablecoin issuance following scrutiny from U.S. regulators. At the time, the crypto company received a wells notice from the U.S. Securities and Exchange Commission (SEC), which classified the stablecoin as a security.
While Binance and Paxos have vehemently rejected this classification, the crypto community pro
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