Binance is dialing down support for BUSD assets, urging users to switch their holdings to other Binance-friendly options by February 2024. You have the option to swap your BUSD without any trading fees, or convert at a 1:1 rate.
Binance will gradually cease support for BUSD products. Users are encouraged to convert their BUSD assets into other available assets on Binance prior to February 2024. Users may trade their BUSD balances for FDUSD at zero trading fees, or convert their BUSD balances to FDUSD at…
— Wu Blockchain (@WuBlockchain) August 31, 2023
Paxos Stops Minting; Binance Reacts
As Paxos ceases the production of new BUSD, Binance will adapt by slowly discontinuing support for BUSD-related offerings. Updates will be shared regarding affected services. Rest assured, BUSD’s 1:1 backing with USD remains.
Binance continues to back a variety of stablecoins and digital currencies. Again, the shift away from BUSD is encouraged before the February 2024 cut-off.
Spot & Margin Changes
BUSD trading pairs for spot and margin will be gradually taken down. Official announcements on the delistings will be communicated separately.
Starting from specific dates, certain BUSD-related functionalities will be restricted. Nevertheless, trading in other stablecoins and pairs remains unaffected on Binance.
Note: As of September 7, 2023, BUSD borrowings on Cross Margin will be halted. And from October 19, 2023, additional BUSD will not be accepted as new collateral for Cross Margin Wallet. Other tokens are still acceptable.