Binance, a major cryptocurrency exchange, has announced that it will stop supporting all Binance USD (BUSD) products from December 15th, following Paxos' decision to halt the minting of new coins. Users have been advised to withdraw or convert their existing BUSD on the exchange into other assets before December 15th, after which point Binance will disable withdrawals for BUSD. Existing balances will be automatically converted into First Digital USD (FDUSD) for certain users. This move is part of Binance's plan to gradually wind down services for its native stablecoin, which was suggested to be an unregistered security by the United States Securities and Exchange Commission in February.
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Binance to Cease Support for BUSD Products Following Paxos' Halt on Minting New Coins
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