What Is BUSD Auto-Conversion and How to Deposit and Withdraw USD Stablecoins on Binance?

Disclaimer: In compliance with MiCA requirements, unauthorized stablecoins are subject to certain restrictions for EEA users. For more information, please click here.

Please note that with effect from 2023-03-10 23:30 (UTC), 2023-03-11 02:35 (UTC), and 2023-03-11 06:00 (UTC), Binance has stopped BUSD Auto-Conversion for USDC, USDP, and TUSD that are newly deposited to Binance. You can no longer withdraw USDC, USDP, or TUSD from your BUSD balance. If you wish to convert your BUSD balance to USDC or USDP at a 1:1 ratio, you may manually convert them on Binance Convert before 2023-03-18 06:00 (UTC). If you wish to convert your BUSD balance to TUSD at a 1:1 ratio, you may manually convert them Binance Convert before 2023-03-30 06:00 (UTC). Please note that you can only manual convert BUSD to TUSD, USDC, or USDP and not the other way around.

Please refer to the announcement for more details.

Binance introduced the stablecoin Auto-Conversion solution

To provide greater trading liquidity and a better user experience, since 29 September 2022, Binance has stopped supporting the trading of some stablecoins and introduced the Auto-Conversion feature.

With this new option, you can easily deposit and withdraw stablecoins, such as USDC, USDP, and TUSD, and enjoy better BUSD liquidity on Binance. To learn more, please refer to this announcement.

How to deposit and withdraw USD stablecoins?

Depositing USD stablecoins with USDC, USDP, and TUSD

1. Log in to your Binance account and go to [Wallet] - [Fiat and Spot]. Click [Deposit].

2. Select the coin you’d like to deposit from the dropdown menu.

Please note that when you deposit these stablecoins for the first time, you need to click [Confirm] on the pop-up window. Once you deposit the coins, your asset will be automatically converted to BUSD.

If you don’t want to convert your assets to BUSD, you can toggle the button to turn off the feature. Your assets will be deposited to your account balance. However, please note that Binance does not support the trading of these stablecoins.

3. Select the network. Please select the correct network, or your assets might be lost and cannot be recovered.

4. Deposit the stablecoins from your external wallet. Once your deposit is successful, you will see the corresponding 1:1 balance in BUSD in your Spot Wallet.

Please note that once your asset is successfully converted into BUSD at a 1:1 ratio, that asset’s balance will become zero. You can click [View More] to check the conversion details.

Withdrawing USD stablecoins with USDC, USDP, and TUSD

1. Log in to your Binance account and go to [Wallet] - [Fiat and Spot]. Click [Withdraw].

2. Select the coin you’d like to withdraw from the dropdown menu. If you choose USDC, USDP, or TUSD, you will see a notice. Click [Confirm] to proceed.

3. Select the network and enter your destination address. Please select the correct network and check that you have entered the correct address, or your assets might be lost and cannot be recovered.

4. The system will deduct BUSD balance from your account. Once completed, you can check your withdrawal history.

Frequently Asked Questions

1. What assets does Binance support for the deposit, withdrawal, and auto-conversion to BUSD?

Currently, Binance supports depositing USDC, TUSD, and USDP for auto-conversion to BUSD at a 1:1 ratio. Your BUSD can be converted back to USDC, TUSD, or USDP at a 1:1 ratio for withdrawal.

2. Where can I find my assets after I deposit USDC/TUSD/USDP?

It depends on which wallet you deposited to.

• If you deposited to the Fiat and Spot Wallet, you can check your BUSD balance after your assets have been successfully transferred to Binance.
• If you deposited to the Funding Wallet, please check your BUSD balance from the [Funding] tab.

3. I deposited a supported stablecoin (e.g., USDC), but it doesn’t auto-convert to BUSD. What can I do?

In normal market conditions, you should see the supported stablecoins automatically converted to BUSD shortly. Please wait patiently.

4. What is BUSD?

BUSD is a 1:1 USD-backed stablecoin issued by Paxos and approved by the New York State Department of Financial Services (NYDFS).

5. How long does it take to process my deposits and withdrawals?

There are no changes to deposits and withdrawals and will be processed as normal, depending on network conditions and confirmation count.

6. How will the transaction history be recorded?

You will see the USDC, USDP and TUSD credited and auto-converted to BUSD.

7. What happen if I don't close my Cross Margin or Isolated Margin positions prior to the deadline?

Open Margin positions for USDC/BUSD, TUSD/USDT, and USDC/USDT have been closed and liquidated at 2022-09-23 03:00 (UTC).

Open Margin positions for BTC/USDC, EOS/USDC, ETH/USDC, LTC/USDC, XRP/USDC, ADA/USDC, and ATOM/USDC have been closed and liquidated at 2022-09-27 03:00 (UTC).

8. What happen if I don't close my USDC Loan orders prior to the deadline?

Please note that Binance have closed and liquidated all USDC loan orders, including orders with USDC as a borrowable asset or USDC as a collateral asset, at 2022-09-23 03:00 (UTC).

9. What happened to my USDC loan collateral?

All loan orders with USDC as a borrowable asset or collateral asset have been closed on 2022-09-23. The remaining USDC balance have been returned to your Spot Wallet.

10. What happens if one of the supported stablecoins breaks its peg to the dollar?

Depending on the current market conditions, Binance may stop or resume auto-conversion for any of the supported stablecoins.

11. I have USDC in Binance Flexible Savings. Do I receive BUSD as interest?

Your USDC Savings subscriptions will stop. In order to receive BUSD as interest, please subscribe to BUSD Simple Earn Flexible Savings products manually.

12. Can I withdraw or convert BUSD/USDC/USDP/TUSD to fiat currency?

There is no change in BUSD-to-fiat withdrawal channels. Your USDC/USDP/TUSD can be withdrawn in BUSD once the balance is auto-converted to BUSD.

13. What can I do if I want to keep my original stablecoin assets?

You can turn off the Auto-Conversion function, and your assets will be deposited to your account balance. However, please note that Binance does not support the trading of those stablecoins.