Binance issues a final warning to users.. Are there any new developments?
Binance announces a gradual discontinuation of support for the BUSD coin and assures users of its continuous support at a 1:1 ratio with the US Dollar. Some associated services might be affected, and announcements will be made regarding them. In another context, Binance will continue to support stablecoins and other digital currencies on its platform. Furthermore, it will facilitate the conversion of certain user-held currencies into other available currencies on Binance before February 2024. It should be noted that users have the option to
Binance warns its users
Binance announces the gradual removal of immediate trading and margin trading pairs for the BUSD coin, and separate announcements will be issued regarding this matter. Users can continue trading using other stablecoin pairs and available trading pairs on Binance.
On 07-09-2023 at 06:00 UTC, Binance will cease BUSD borrowing on cross margin. Starting from 19-10-2023 at 06:00 UTC, users of cross margin and isolated margin will no longer be able to transfer additional BUSD as new collateral to the cross margin wallet. However, they can still transfer other digital currencies as collateral.
Deposits and withdrawals on Binance
Withdrawal of Binance-Peg BUSD held outside the platform via BNB Chain, Avalanche, Polygon, and Tron networks will be suspended on September 7, 2023, at 00:00 UTC.
Support for deposit and withdrawal of BUSD (ERC-20) will continue on the Ethereum network until further notice.
Deposits of Binance-Peg BUSD tokens will be supported on BNB Chain, Avalanche, Polygon, and Tron networks until further notice.
It’s worth mentioning that 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 applies only to converting BUSD to FDUSD, not the other way around.
Futures
Binance will gradually delist perpetual margin contracts for BUSD, and separate announcements will be issued regarding this. Users can manually convert their BUSD balances in the futures wallet to other supported perpetual margin assets within the wallet using the Asset Conversion feature.
Additionally, Simple Earn Elastic Products will cease offering BUSD subscriptions on October 13, 2023, at 04:00 UTC, and a separate announcement will be made regarding the delisting of all remaining BUSD positions and their automatic redemption.
As for Auto-Invest, BUSD plan subscriptions will cease on September 15, 2023, at 02:00 UTC. Users need to adjust their BUSD Auto-Invest plan settings to switch to alternatives like FDUSD before this date. Binance will automatically update all BUSD Auto-Invest plans to FDUSD Auto-Invest plans after September 15, 2023, at 02:00 UTC.
Liquid Swap pools will gradually remove USD-denominated liquidity pools, and separate announcements will be issued regarding this.
Regarding Dual Investment, BUSD support will continue until December 31, 2023, at 00:00 UTC, and no new or existing subscriptions will be affected. After that, additional BUSD subscriptions for Dual Investment will not be available.
Finally, the Flexible DeFi Staking pool will close all pending BUSD transactions and return BUSD funds to users’ immediate wallets, along with any accrued rewards, on September 14, 2023, at 06:00 UTC.
Binance Loans
On December 13, 2023, at 04:00 Coordinated Universal Time (UTC), BUSD will be removed as a lendable asset from the VIP high-net-worth individual loan on Binance. A separate announcement will be issued regarding the closure of loan positions and collateral denominated in BUSD at that time.
Binance Gift Cards
On September 30, 2023, at 02:00 Coordinated Universal Time (UTC), Binance Gift Cards will remove BUSD. It’s worth noting that it’s still possible to redeem all BUSD gift cards created before September 30, 2023, at 02:00 UTC, until further notice. To avoid any inconvenience, users are advised to redeem gift cards containing BUSD in advance, and currency administrators are recommended to pre-sell gift cards containing BUSD.
Furthermore, on September 30, 2023, at 02:00 UTC, BUSD will be deactivated as a payment currency within the Binance Pay Merchant service. While it’s still possible to redeem all current BUSD payment requests made by customers in BUSD before September 30, 2023, at 02:00 UTC, until further notice.
