TechFlow news: Binance announced it will cease support for BUSD products following Paxos' halt of BUSD minting, effective December 15, 2023. Users must withdraw or convert their BUSD assets before this date.
Binance reminds users that they can freely trade BUSD for FDUSD on the Binance market, or use the instant exchange platform to swap BUSD for FDUSD at a 1:1 ratio.
Starting December 31, 2023, BUSD withdrawals will be suspended and remaining balances will be automatically converted into FDUSD. Users may continue depositing BUSD to Binance and manually convert it to FDUSD; specific procedures will be announced separately.
Additionally, it is expected that around December 2023, the collateral assets backing Binance-Peg BUSD will be exchanged for FDUSD at a 1:1 ratio, with further announcements to follow upon completion.
