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Binance Announcement
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Notice Regarding the Removal of BUSD and Conversion of BUSD to FDUSD
This is a general announcement. Products and services referred to here may not be available in your region.
Fellow Binancians,
This is to notify you that as Paxos has halted minting of new BUSD, Binance will cease support for BUSD products on 2023-12-15. Please be assured that BUSD will always be backed 1:1 by USD. Paxos has stated that BUSD will remain supported by Paxos and redeemable through at least February 2024.
Users are encouraged to withdraw or convert their BUSD assets into other available assets on Binance before 2023-12-15. Users may trade their BUSD balances for FDUSD at zero trading fees, or convert their BUSD balances to FDUSD on Binance Convert at a 1:1 conversion rate with zero fees.
From 2024-01-02 03:00 (UTC), BUSD withdrawals will be disabled, and any remaining BUSD balances in users’ Binance accounts will be automatically converted to FDUSD at a 1:1 conversion rate. Thereafter, users may continue depositing BUSD into Binance and can manually convert their BUSD to FDUSD at a 1:1 conversion rate until further notice.
In addition, collateral assets of Binance-Peg BUSD will also be converted to FDUSD at a 1:1 conversion rate, anticipated to take place around December 2023. A separate announcement will be posted to notify users when the collateral conversion is fully completed.
The following changes for products involving BUSD will be effected on the dates listed below:
Spot:
Binance will remove and cease trading on the following spot trading pairs:From 2023-12-11 03:00 (UTC): AGIX/BUSD, BUSD/BIDR, BUSD/BRL, BUSD/DAI, BUSD/TRY, EUR/BUSD, FET/BUSDFrom 2023-12-13 03:00 (UTC): GALA/BUSD, INJ/BUSD, LINK/BUSD, LUNA/BUSD, LUNC/BUSD, RUNE/BUSD, SHIB/BUSD, TUSD/BUSD, WBTC/BUSDFrom 2023-12-15 03:00 (UTC): ADA/BUSD, ALGO/BUSD, ATOM/BUSD, AVAX/BUSD, BCH/BUSD, BNB/BUSD, DOGE/BUSD From 2023-12-15 05:00 (UTC): BTC/BUSD, BUSD/USDT, DOT/BUSD, ETH/BUSD, FDUSD/BUSD, FTM/BUSD, LTC/BUSD, MATIC/BUSD, NEAR/BUSD, SOL/BUSD, XRP/BUSD All open spot orders with respect to the above trading pairs will automatically be closed when trading ceases in the relevant trading pair.Binance will terminate Spot Trading Bots services for the aforementioned spot trading pairs respectively at 2023-12-11 03:00 (UTC), 2023-12-13 03:00 (UTC), 2023-12-15 03:00 (UTC) and 2023-12-15 05:00 (UTC), where applicable. Users are strongly advised to update and/or cancel their Spot Trading Bots prior to the cessation of Spot Trading Bots services to avoid any potential losses.
Futures & Margin:
BUSD will be removed from Futures and Margin as per the schedule announced here.
Deposits, Withdrawals & Conversions:
From 2024-01-02 03:00 (UTC):Withdrawals of BUSD (ERC-20) tokens via Ethereum network will cease, and BUSD withdrawals will no longer be supported. Withdrawals of Binance-Peg BUSD tokens via BNB Chain, Avalanche, Polygon, Tron and Optimism networks ceased at 2023-09-07 00:00 (UTC). Deposits of BUSD and Binance-Peg BUSD via the below networks will be temporarily suspended. Please ensure that you leave sufficient time for your BUSD deposits to be fully processed prior to this time.BNB Smart Chain (BEP20)BNB Beacon Chain (BEP2)Ethereum (ERC20)Tron (TRC20)PolygonOptimismAVAX C-ChainAll BUSD balances in Spot and Funding Wallets will be automatically converted to FDUSD at a 1:1 conversion rate. The conversion may take approximately 24 hours or longer. Nevertheless, all users are encouraged to withdraw or convert their BUSD assets into other available assets on Binance before 2023-12-15.After the conversion, BUSD deposits on the aforementioned networks will be resumed until further notice. A separate announcement will be posted to notify users when BUSD deposits will be resumed. After 2024-01-02 03:00 (UTC), any unprocessed or subsequent deposits of BUSD will be credited as BUSD. Users can convert BUSD into FDUSD at a 1:1 conversion rate via Binance Convert with zero fees until further notice.
Convert & OTC:
Moving forward, users can continue converting their BUSD balances to FDUSD at a 1:1 conversion rate using Binance Convert and Binance OTC until further notice.At 2023-12-15 03:00 (UTC), Convert will delist all BUSD pairs whilst retaining the feature of converting BUSD to FDUSD at a 1:1 conversion rate. Please note that the conversion of BUSD to FDUSD at a 1:1 conversion rate will be temporarily suspended from 2024-01-02 02:00 (UTC) till completion of the aforementioned balance conversion event. A separate announcement will be posted to notify users when the conversion of BUSD to FDUSD at a 1:1 conversion rate resumes. Please be aware that the 1:1 conversion rate is only applicable for converting BUSD to FDUSD, and not the other way around.
Loans:
BUSD has been delisted as a collateral asset and loanable asset. At 2023-10-25 07:59 (UTC), Binance Loans (Flexible and Stable Rates) liquidated outstanding loan orders with BUSD as borrowed asset and collateral asset.From 2023-12-13 04:00 (UTC), BUSD will be delisted as a collateral asset from VIP Loan.
Earn:
From 2023-12-11 00:00 (UTC), Dual Investment will convert all BUSD open positions to FDUSD in order to protect users and ensure that all open BUSD positions will settle at a 1:1 conversion rate in the more liquid FDUSD. Leading up to 2023-12-11, Dual Investment will gradually stop offering all BUSD products with settlement dates after 2023-12-08. This arrangement will prevail over all previous announcements.From 2023-12-13 03:00 (UTC), Binance Simple Earn will cease support for BUSD. Simple Earn Flexible Products for BUSD will no longer be available for subscription and existing BUSD balances in Simple Earn will be automatically redeemed and credited to users’ Spot Wallets. Users are strongly encouraged to redeem their assets from BUSD Flexible Products beforehand.
Card:
From 2023-12-13 03:00 (UTC), BUSD will be delisted as a spend currency for Binance Card.
Pay
From 2023-11-30 03:00 (UTC), Binance Pay will remove BUSD from the list of supported cryptocurrencies on Binance Pay Red Packet Creation.From 2023-12-13 03:00 (UTC), Binance Pay will remove BUSD from the list of supported cryptocurrencies on other features of Binance Pay.
Gift Card
From 2023-12-13 03:00 (UTC):
Binance Gift Card will stop supporting BUSD redemption.Any unredeemed BUSD Gift Cards will be redeemable for FDUSD on a 1:1 conversion rate.
We thank you for your support as we continue to build the crypto ecosystem in a way that promotes transparency and long-term, sustainable growth. Should you have any queries, please reach out to our Customer Support Team for assistance.
Note: Where any discrepancy arises between the translated versions and the original English version, the English version shall prevail.
Thanks for your support!
Binance Team
2023-11-29
Note: This announcement was updated on 2023-12-06 to reflect changes to the timeline for BUSD deposits, withdrawals and conversions, and to clarify that all users will be eligible for the automatic conversion of BUSD balances to FDUSD. It was previously updated on 2023-11-29 to adjust the delisting time for the FDUSD/BUSD spot trading pair from 2023-12-11 03:00 (UTC) to 2023-12-15 05:00 (UTC).
Fellow Binancians,
This is to notify you that as Paxos has halted minting of new BUSD, Binance will cease support for BUSD products on 2023-12-15. Please be assured that BUSD will always be backed 1:1 by USD. Paxos has stated that BUSD will remain supported by Paxos and redeemable through at least February 2024.
Users are encouraged to withdraw or convert their BUSD assets into other available assets on Binance before 2023-12-15. Users may trade their BUSD balances for FDUSD at zero trading fees, or convert their BUSD balances to FDUSD on Binance Convert at a 1:1 conversion rate with zero fees.
From 2024-01-02 03:00 (UTC), BUSD withdrawals will be disabled, and any remaining BUSD balances in users’ Binance accounts will be automatically converted to FDUSD at a 1:1 conversion rate. Thereafter, users may continue depositing BUSD into Binance and can manually convert their BUSD to FDUSD at a 1:1 conversion rate until further notice.
In addition, collateral assets of Binance-Peg BUSD will also be converted to FDUSD at a 1:1 conversion rate, anticipated to take place around December 2023. A separate announcement will be posted to notify users when the collateral conversion is fully completed.
The following changes for products involving BUSD will be effected on the dates listed below:
Spot:
Binance will remove and cease trading on the following spot trading pairs:From 2023-12-11 03:00 (UTC): AGIX/BUSD, BUSD/BIDR, BUSD/BRL, BUSD/DAI, BUSD/TRY, EUR/BUSD, FET/BUSDFrom 2023-12-13 03:00 (UTC): GALA/BUSD, INJ/BUSD, LINK/BUSD, LUNA/BUSD, LUNC/BUSD, RUNE/BUSD, SHIB/BUSD, TUSD/BUSD, WBTC/BUSDFrom 2023-12-15 03:00 (UTC): ADA/BUSD, ALGO/BUSD, ATOM/BUSD, AVAX/BUSD, BCH/BUSD, BNB/BUSD, DOGE/BUSD From 2023-12-15 05:00 (UTC): BTC/BUSD, BUSD/USDT, DOT/BUSD, ETH/BUSD, FDUSD/BUSD, FTM/BUSD, LTC/BUSD, MATIC/BUSD, NEAR/BUSD, SOL/BUSD, XRP/BUSD All open spot orders with respect to the above trading pairs will automatically be closed when trading ceases in the relevant trading pair.Binance will terminate Spot Trading Bots services for the aforementioned spot trading pairs respectively at 2023-12-11 03:00 (UTC), 2023-12-13 03:00 (UTC), 2023-12-15 03:00 (UTC) and 2023-12-15 05:00 (UTC), where applicable. Users are strongly advised to update and/or cancel their Spot Trading Bots prior to the cessation of Spot Trading Bots services to avoid any potential losses.
Futures & Margin:
BUSD will be removed from Futures and Margin as per the schedule announced here.
Deposits, Withdrawals & Conversions:
From 2024-01-02 03:00 (UTC):Withdrawals of BUSD (ERC-20) tokens via Ethereum network will cease, and BUSD withdrawals will no longer be supported. Withdrawals of Binance-Peg BUSD tokens via BNB Chain, Avalanche, Polygon, Tron and Optimism networks ceased at 2023-09-07 00:00 (UTC). Deposits of BUSD and Binance-Peg BUSD via the below networks will be temporarily suspended. Please ensure that you leave sufficient time for your BUSD deposits to be fully processed prior to this time.BNB Smart Chain (BEP20)BNB Beacon Chain (BEP2)Ethereum (ERC20)Tron (TRC20)PolygonOptimismAVAX C-ChainAll BUSD balances in Spot and Funding Wallets will be automatically converted to FDUSD at a 1:1 conversion rate. The conversion may take approximately 24 hours or longer. Nevertheless, all users are encouraged to withdraw or convert their BUSD assets into other available assets on Binance before 2023-12-15.After the conversion, BUSD deposits on the aforementioned networks will be resumed until further notice. A separate announcement will be posted to notify users when BUSD deposits will be resumed. After 2024-01-02 03:00 (UTC), any unprocessed or subsequent deposits of BUSD will be credited as BUSD. Users can convert BUSD into FDUSD at a 1:1 conversion rate via Binance Convert with zero fees until further notice.
Convert & OTC:
Moving forward, users can continue converting their BUSD balances to FDUSD at a 1:1 conversion rate using Binance Convert and Binance OTC until further notice.At 2023-12-15 03:00 (UTC), Convert will delist all BUSD pairs whilst retaining the feature of converting BUSD to FDUSD at a 1:1 conversion rate. Please note that the conversion of BUSD to FDUSD at a 1:1 conversion rate will be temporarily suspended from 2024-01-02 02:00 (UTC) till completion of the aforementioned balance conversion event. A separate announcement will be posted to notify users when the conversion of BUSD to FDUSD at a 1:1 conversion rate resumes. Please be aware that the 1:1 conversion rate is only applicable for converting BUSD to FDUSD, and not the other way around.
Loans:
BUSD has been delisted as a collateral asset and loanable asset. At 2023-10-25 07:59 (UTC), Binance Loans (Flexible and Stable Rates) liquidated outstanding loan orders with BUSD as borrowed asset and collateral asset.From 2023-12-13 04:00 (UTC), BUSD will be delisted as a collateral asset from VIP Loan.
Earn:
From 2023-12-11 00:00 (UTC), Dual Investment will convert all BUSD open positions to FDUSD in order to protect users and ensure that all open BUSD positions will settle at a 1:1 conversion rate in the more liquid FDUSD. Leading up to 2023-12-11, Dual Investment will gradually stop offering all BUSD products with settlement dates after 2023-12-08. This arrangement will prevail over all previous announcements.From 2023-12-13 03:00 (UTC), Binance Simple Earn will cease support for BUSD. Simple Earn Flexible Products for BUSD will no longer be available for subscription and existing BUSD balances in Simple Earn will be automatically redeemed and credited to users’ Spot Wallets. Users are strongly encouraged to redeem their assets from BUSD Flexible Products beforehand.
Card:
From 2023-12-13 03:00 (UTC), BUSD will be delisted as a spend currency for Binance Card.
Pay
From 2023-11-30 03:00 (UTC), Binance Pay will remove BUSD from the list of supported cryptocurrencies on Binance Pay Red Packet Creation.From 2023-12-13 03:00 (UTC), Binance Pay will remove BUSD from the list of supported cryptocurrencies on other features of Binance Pay.
Gift Card
From 2023-12-13 03:00 (UTC):
Binance Gift Card will stop supporting BUSD redemption.Any unredeemed BUSD Gift Cards will be redeemable for FDUSD on a 1:1 conversion rate.
We thank you for your support as we continue to build the crypto ecosystem in a way that promotes transparency and long-term, sustainable growth. Should you have any queries, please reach out to our Customer Support Team for assistance.
Note: Where any discrepancy arises between the translated versions and the original English version, the English version shall prevail.
Thanks for your support!
Binance Team
2023-11-29
Note: This announcement was updated on 2023-12-06 to reflect changes to the timeline for BUSD deposits, withdrawals and conversions, and to clarify that all users will be eligible for the automatic conversion of BUSD balances to FDUSD. It was previously updated on 2023-11-29 to adjust the delisting time for the FDUSD/BUSD spot trading pair from 2023-12-11 03:00 (UTC) to 2023-12-15 05:00 (UTC).
ANOTHER GOOD PHASE FOR THE CRYPTO INDUSTRY!
Today, I stepped down as CEO of Binance. Admittedly, it was not easy to let go emotionally. But I know it is the right thing to do. I made mistakes, and I must take responsibility. This is best for our community, for Binance, and for myself.Binance is no longer a baby. It is time for me to let it walk and run. I know Binance will continue to grow and excel with the deep bench it has.I’m pleased to announce that @_RichardTeng, our now former Global Head of Regional Markets, has been named the new CEO of Binance today.Richard is a highly qualified leader and, with over three decades of financial services and regulatory experience, he will navigate the company through its next period of growth. He will ensure Binance delivers on our next phase of security, transparency, compliance, and growth.Prior to joining Binance, Richard was CEO of the Financial Services Regulatory Authority at Abu Dhabi Global Market (ADGM); Chief Regulatory Officer of the Singapore Exchange (SGX); and Director of Corporate Finance in the Monetary Authority of Singapore.With Richard and the entire team, I’m confident that the best days for @Binance and the crypto industry lay ahead.As a shareholder and former CEO with historical knowledge of our company, I will remain available to the team to consult as needed, consistent with the framework set out in our U.S. agency resolutions.What’s next for me?I will take a break first. I have not had a single day of real (phone off) break for the last 6 and half years.After that, my current thinking is I will probably do some passive investing, being a minority token/shareholder in startups in areas of blockchain/Web3/DeFi, AI and biotech. I am happy that I will finally have more time to spend looking at DeFi.I can’t see myself being a CEO driving a startup again. I am content being an one-shot (lucky) entrepreneur. Should there be listeners, I may be open to being a coach/mentor to a small number of upcoming entrepreneurs, privately. If for nothing else, I can at least tell them what not to do.On that note, I am proud to point out that in our resolutions with the U.S. agencies they:- do not allege that Binance misappropriated any user funds, and- do not allege that Binance engaged in any market manipulation.Funds are SAFU!With that, I look forward to seeing the new leadership take the reins. Please join me in congratulating Richard on his well-deserved promotion.Onwards!CZ#CZWisdom #CZBinance #CryptoMarketPredictions
BNB Chain 🔥👏🏻
#KeepBulilding
#KeepBulilding
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CZ
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Even with super low fees, BNB Chain ranked 3rd in terms of fees collected among all the L1s and L2s. Ethereum and Bitcoin are still taking the lead. source: cryptofees