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Binance Encourages Users to Convert BUSD to Other Stablecoins Prior to February 2024

source-logo  binance.com 31 August 2023 08:00, UTC
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This is a general announcement. Products and services referred to here may not be available in your region.

Fellow Binancians,

As Paxos has halted minting of new $BUSD, Binance will gradually cease support for $BUSD products. Announcements will be released for any impacted services. Please be assured that $BUSD will always be backed 1:1 by USD.

Binance will continue to support multiple stablecoins and digital assets on its platform. 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 1:1.

Spot & Margin:

  • Binance will gradually delist $BUSD spot and margin trading pairs. Separate delisting announcements will be released.

  • Users can continue to trade supported assets via other stablecoin pairs and trading pairs on Binance.

  • At 2023-09-07 06:00 (UTC), Binance will suspend $BUSD borrowings on Cross Margin. From 2023-10-19 06:00 (UTC), Cross Margin and Portfolio Margin users will no longer be able to transfer in additional $BUSD as new collateral to Cross Margin Wallet. Users can still transfer in other tokens as collateral.

Deposits & Withdrawals:

  • Withdrawals of Binance-Peg $BUSD tokens via $BNB Chain, Avalanche, Polygon and Tron networks will cease at 2023-09-07 00:00 (UTC).

  • Deposits and withdrawals of $BUSD (ERC-20) tokens via Ethereum network will continue to be supported until further notice.

  • Deposits of Binance-Peg $BUSD tokens via $BNB Chain, Avalanche, Polygon and Tron networks will be supported until further notice.

Convert:

  • Users can manually convert their $BUSD balances to $FDUSD at a 1:1 ratio using Binance Convert until further notice. Please note that the 1:1 conversion rate is only applicable for converting $BUSD to $FDUSD, and not the other way around.

Futures:

  • Binance will gradually delist $BUSD-margined perpetual contracts. Separate delisting announcements will be released.

  • Users can manually convert their $BUSD balances in futures wallet to other supported futures margin assets within futures wallet via Futures Asset Conversion function.

Earn:

  • Simple Earn Flexible Products will stop offering $BUSD subscriptions at 2023-10-13 04:00 (UTC). A separate announcement on full delisting and automatic redemptions of remaining $BUSD positions will be released.

  • Auto-Invest will discontinue $BUSD plan subscriptions at 2023-09-15 02:00 (UTC). Users should modify their $BUSD Auto-Invest plan settings to alternatives like $FDUSD prior to this date. After 2023-09-15 02:00 (UTC), Binance will automatically update all $BUSD Auto-Invest plans to $FDUSD Auto-Invest plans.

  • Liquid Swap will gradually delist $BUSD liquidity pools. Separate delisting announcements will be released.

  • Dual Investment will support $BUSD till 2023-12-31 00:00 (UTC), and any new or existing subscriptions will not be impacted. No additional Dual Investment $BUSD subscriptions will be available thereafter.

  • Flexible DeFi Staking will close all outstanding $BUSD positions and return $BUSD assets to users’ spot wallets, together with any accrued rewards at 2023-09-14 06:00 (UTC).

Loans:

  • At 2023-09-06 04:00 (UTC), $BUSD will be delisted as a loanable asset from Binance Loans (Stable and Flexible Rates) and VIP Loan. Outstanding $BUSD loan positions will not be impacted at this time.

  • At 2023-09-06 04:00 (UTC), $BUSD will be delisted as a collateral asset from Binance Loans (Stable and Flexible Rates). Outstanding $BUSD collateral positions will not be impacted at this time.

  • At 2023-12-13 04:00 (UTC), $BUSD will be delisted as a collateral asset from VIP Loan.

  • A separate announcement on the closure of outstanding $BUSD loan and collateral positions will be released.

Gift Card:

  • Binance Gift Card will delist $BUSD at 2023-09-30 02:00 (UTC).

  • All $BUSD Gift Cards created before 2023-09-30 02:00 (UTC) can still be redeemed until further notice. To avoid any inconvenience, users are advised to redeem Gift Cards containing $BUSD tokens in advance, and minters are advised to sell Gift Cards containing $BUSD tokens in advance.

Pay:

  • At 2023-09-30 02:00 (UTC), $BUSD will be deactivated as an order currency within Binance Pay Merchant Service.

  • All existing $BUSD orders made before 2023-09-30 02:00 (UTC) can still be refunded to the customers in $BUSD until further notice.

Note: Where any discrepancy arises between the translated versions and the original English version, the English version shall prevail.

Binance Team

2023-08-31

binance.com