Binance decided to end support after regulators ordered Paxos to stop printing BUSD.
According to the exchange’s statement, support for the stablecoin will be terminated on December 15.
In the statement made last August, Binance announced that BUSD support would be gradually terminated by February 2024. At that time, users were advised to switch to another stablecoin called FDUSD. The exchange stated that conversion can be made with this stablecoin with zero fees.
Binance announced that Paxos will continue to support BUSD until February 2024.
Last February, the New York Department of Financial Services ordered stablecoin issuer Paxos to cease issuing BUSD.
US regulators have continued to be very aggressive towards the crypto industry. The US Department of Justice recently announced that it reached an agreement with Binance for $ 4.3 billion. As part of the agreement, Changpeng Zhao had to relinquish his position as CEO.
BUSD was launched in 2019 in partnership with Binance and Paxos. This stablecoin, which was indexed to the US dollar, was the largest stablecoin after USDT and USDC, with a supply exceeding 16 billion dollars.
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