Binance will cease support for BUSD product on December 15th.

On November 29th, BlockBeats reported that Binance announced it will cease support for BUSD products on December 15th, 2023, due to Paxos stopping the minting of new BUSD. BUSD will continue to be anchored to the US dollar at a 1:1 ratio. Paxos has declared that it will continue to support BUSD and keep the BUSD exchange channels open until at least February 2024. Binance reminds users to withdraw their BUSD holdings or convert their BUSD assets to other assets supported by the Binance platform before December 15th, 2023. Users can trade their BUSD assets for FDUSD with zero fees in the Binance spot market, or exchange their BUSD assets for FDUSD at a 1:1 ratio on the flash exchange trading platform. From 11:00 on December 31st, 2023, BUSD withdrawal services will be suspended, and user Binance accounts with BUSD balances (except for users in Japan, France, Italy, Poland, and Kazakhstan) will automatically exchange at a 1:1 ratio to FDUSD. Users can still deposit BUSD to Binance and manually exchange their BUSD for FDUSD at a 1:1 ratio. In addition, it is expected that around December 2023, the collateral assets of Binance-Peg BUSD will be exchanged for FDUSD at a 1:1 ratio.