Leading cryptocurrency exchange Binance has made a new announcement that may raise concerns among holders of Shiba Inu (SHIB), XRP, and Cardano (ADA). Starting from December 15th, Binance will cease support for new BUSD tokens, as Paxos has halted the issuance of new BUSD tokens.
This move by Binance to completely stop supporting BUSD will impact the immediate trading pairs of several cryptocurrencies, including SHIB, ADA, and XRP, which will be delisted. Binance states that it will remove and halt trading on the XRP, SHIB, and ADA/BUSD trading pairs on specific dates.
The SHIB/BUSD trading pair will be delisted on December 13th at 3:00 AM UTC, while the ADA/BUSD and XRP/BUSD trading pairs will be delisted on December 15th at 3:00 AM UTC and 5:00 AM UTC, respectively.
Binance also mentioned that it will close all open spot trading orders for the aforementioned trading pairs upon the trading halt. On the specified dates, Binance will also terminate the services of their spot trading robots for these trading pairs. Users are advised to update and/or cancel their spot trading robots before the designated time to avoid potential losses.
To mitigate potential losses, Binance urges users to disable BUSD withdrawals. The platform stated that BUSD withdrawals will be disabled on December 31st, 2023, although Paxos announced that BUSD support and redemption will continue until at least February 2024.
Except for users in Japan, France, Italy, Poland, and Kazakhstan, all remaining BUSD balances in users’ Binance accounts will be automatically converted to FDUSD at a conversion rate of 1:1 by December 31st.
As a result, users are advised to withdraw or convert their BUSD tokens to other assets available on Binance, such as FDUSD, by December 15th.
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Withdrawals of BUSD (ERC-20) tokens on the Ethereum network will be suspended, as well as BUSD withdrawals associated with Binance Smart Chain, Avalanche, Polygon, Tron, and Optimism networks.
According to the announcement, Dual Investment will gradually phase out all BUSD products with settlement dates after December 8th, and the flexible BUSD products of Simple Earn will be suspended.
Disclaimer: The information provided is not financial advice. Chinwa.tech does not take any responsibility for investments made based on the information provided in this article. We recommend consulting a qualified specialist or financial advisor before making any investment decisions.