Binance has announced that it will be winding down support for BUSD and is encouraging users to convert their holdings to FDUSD. Coinbase begins trading PYUSD.
- The stablecoin landscape continues to undergo changes as Binance, the largest cryptocurrency exchange in the world, is now encouraging its users to start converting their Binance USD holdings into other assets, including the newly issued stablecoin First Digital USD .
Several days after the investigation was announced, Paxos issued a statement saying they would stop issuing BUSD in response to an order from the DFS and the issuance of a ‘Wells notice’ from the Securities and Exchange Commission , which informed the firm that they consider BUSD to be an unregistered security.
The February 2024 deadline for conversions aligns with statements made by Paxos that BUSD “will remain fully supported by Paxos and redeemable to onboarded customers through at least February 2024.” FDUSD is a stablecoin that was launched in June by the Hong Kong-based trust company First Digital Group, a qualified custodian and registered trust company. The stablecoin is backed on a 1:1 basis by one U.S. dollar or assets of equivalent fair value, held in accounts of regulated financial institutions in Asia. FDUSD had its debut listing on Binance in late July.Coinbase, the largest crypto exchange in the U.S.
Singapore Latest News, Singapore Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Coinbase lists PYUSD as ‘experimental asset’Coinbase is adding support for PayPal’s new stablecoin, PYUSD, on its trading platform, beginning 31 August. What does this mean for the stablecoin?
Read more »
Binance to discontinue BUSD support; recommends this alternativeThis transition aligns with regulatory concerns and showcases the exchange's commitment to compliance and user satisfaction.
Read more »
Uniswap beats Coinbase in spot trading volume; this is what it means for UNIUniswap outperformed Coinbase in Q1 and A2 this year. This didn't come as a shock considering the events of last year where thousands of people lost their FTX crypto holdings.
Read more »
Binance Asia-Pacific Head Foong Leaving Biggest Crypto ExchangeBinance Asia-Pacific’s head Leon Foong is leaving the world’s largest crypto exchange, according to people familiar with the matter.
Read more »
Where will Binance head next after the SEC’s stealth move?SEC's enigmatic strategies, BNB's price turmoil, and a market on edge amidst regulatory riddles and investor uncertainty.
Read more »
Lily-Rose Depp Packs On The PDA With Girlfriend 070 Shake As She Returns To Instagram Following ‘The Idol’ CancellationLily-Rose Depp packed on the PDA in an array of photos with girlfriend 070 Shake. The actress took to Instagram to share the snaps as it was revealed that 'The Idol' wouldn't be returning for a second season. [readmore label='READ MORE: ' link='https://etcanada.com/news/1002780/lily-rose-depp-on-intentional-nudity-in-the-idol-im-really-not-scared-of-it/' /] Depp hadn't posted on her Instagram since season 1 of the…
Read more »