Binance crypto exchange announced they would stop supporting Binance USD (BUSD). In light of this announcement, they have gradually started removing the pairs from their platform.
Binance USD, popularly known as BUSD, is a crypto stablecoin pegged to the United States dollar and issued by Paxos. The BUSD ordeal started in February 2023, when the United States Securities and Exchange Commission (SEC) sued Paxos, alleging that BUSD is an unregistered security. The SEC also ordered Paxos to stop issuing new BUSD tokens.
What you must do if you're holding BUSD:
Amidst these ongoing regulatory concerns, convert your BUSD to another stablecoin. There are many other stablecoins available, such as USDT, USDC, and DAI. These stablecoins are also pegged to the US dollar, so you will not lose any of your purchasing power by converting your BUSD.
If you're holding your BUSD in a decentralised wallet, send it to a crypto exchange and convert if you're concerned about high fees. Paxos will continue to support BUSD redemption until February 2024, but the price of BUSD might depreciate as the time draws closer; it's important to do your own research before taking any action.
What do you think about Sec's continuous crackdown on crypto?
Share your thoughts in the comment section.
