Binance confirmed earlier rumours that it will gradually remove support for BUSD by February 2024 in a statement on August 31. This decision is in line with Paxos’ plans to stop BUSD redemption at that time.
In the statement, Binance is encouraging its users who still have BUSD in their wallets to exchange or convert their BUSD balances for First Digital USD (FDUSD), a new stablecoin that was introduced in June by the Hong Kong-based trust company First Digital Group and made its debut on Binance in late July.
Binance’s move to stop supporting BUSD appears to be in response to the Securities and Exchange Commission of the United States alleging in a wells notice it sent to Paxos on February 13 that BUSD was an unregistered security.
The post First Digital USD (FDUSD) reaps big as Binance cease BUSD support appeared first on CoinJournal.