This transition aligns with regulatory concerns and showcases the exchange's commitment to compliance and user satisfaction.
Binance’s decision aligned with Paxos’ plan and aims to address concerns regarding the regulatory status of BUSD.released on 31 August, Binance confirmed the gradual discontinuation of BUSD support. While users had observed a pop-up notification about the impending support discontinuation on their mobile app, Binance’s recent statement represents its formal acknowledgment of the matter.
Binance’s strategy involves encouraging its users to take action, allowing them to convert their BUSD holdings into other available assets. Particularly, the exchange highlights the option of transitioning toFUSD is a stablecoin introduced by the Hong Kong-based trust company First Digital Group. It was listed on Binance in late July and has since garnered attention.The transition from BUSD to FDUSD is accompanied by benefits.
To facilitate this shift, Binance delisted eight BUSD trading pairs on 30 August, further incentivizing users to explore the alternatives. Regulatory developments seem to have partly motivated the move to phase out BUSD support. Notably, on 13 February, theThe SEC alleged that it qualified as an unregistered security. This action came in the form of a Wells Notice issued to Paxos, the entity behind BUSD.
Simultaneously, the New York Department of Financial Services directed Paxos to halt the issuance of BUSD, marking a significant regulatory shift.
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