Binance will cease support for BUSD stablecoin on December 15

Nov 30, 2023
Users will be able to exchange BUSD on the exchange until February 2024. At the same time Binance said it would stop withdrawing funds as early as December 31. Assets not withdrawn before this period will be automatically converted into First Dollar USD stablecoin.

According to CoinMarketCap, the current 24-hour trading volume of BUSD is just under $400 million. Back in August, the volume amounted to about $900 million.

The BUSD stablecoin came under the scrutiny of regulators in February of this year after the New York Department of Financial Services (NYDFS) ordered Paxos to stop issuing it. Shortly after, the Commodity Futures Trading Commission (CFTC) sued Binance for trading unregistered digital assets in the US and violating federal law.

The new CEO of the Binance crypto exchange, Richard Teng, wrote in his blog that he intends to cooperate with regulatory authorities and ensure that the exchange complies with American laws.