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Full details about #Busd Delisting
I make a 25 Bullet Points For Easy Understanding.
1. Binance announces a gradual cessation of BUSD (Binance USD) product support.
2. Paxos halts new BUSD minting, prompting Binance's decision.
3. BUSD will always be backed 1:1 by USD, ensuring stability.
4. Users urged to convert BUSD assets to other Binance assets before February 2024.
5. Trading BUSD for FDUSD encouraged with zero fees until October 31, 2023, at a 1:1 ratio.
6. BUSD spot and margin trading pairs to be gradually delisted.
7. BUSD borrowings on Cross Margin suspended from September 7, 2023.
8. Cross Margin and Portfolio Margin users can't add BUSD as new collateral from October 19, 2023.
9. Withdrawals of Binance-Peg BUSD tokens cease on various networks from September 7, 2023.
10. Deposits/withdrawals of BUSD (ERC-20) tokens via Ethereum network continue until further notice.
11. Manual conversion of BUSD to FDUSD at 1:1 ratio allowed until October 31, 2023, via Binance Convert.
12. After October 31, 2023, users can convert BUSD to FDUSD at market rates using Binance Convert.
13. BUSD-margined perpetual contracts in futures gradually delisted.
14. Users can manually convert BUSD balances in the futures wallet to other supported assets.
15. Simple Earn Flexible Products stop offering BUSD subscriptions from October 13, 2023.
16. Auto-Invest BUSD plan subscriptions discontinue from September 20, 2023, automatically updating to FDUSD plans.
17. Liquid Swap gradually delists BUSD liquidity pools.
18. Dual Investment supports BUSD until December 31, 2023, without new subscriptions thereafter.
19. Flexible DeFi Staking closes all outstanding BUSD positions, returning assets to users by September 14, 2023.
20. BUSD delisted as a loanable asset from Binance Loans (Stable and Flexible Rates) and VIP Loan from September 6, 2023.
21. BUSD delisted as a collateral asset from Binance Loans (Stable and Flexible Rates) from September 6, 2023.
22. BUSD delisted as a collateral asset from VIP Loan from December 13, 2023.
I make a 25 Bullet Points For Easy Understanding.
1. Binance announces a gradual cessation of BUSD (Binance USD) product support.
2. Paxos halts new BUSD minting, prompting Binance's decision.
3. BUSD will always be backed 1:1 by USD, ensuring stability.
4. Users urged to convert BUSD assets to other Binance assets before February 2024.
5. Trading BUSD for FDUSD encouraged with zero fees until October 31, 2023, at a 1:1 ratio.
6. BUSD spot and margin trading pairs to be gradually delisted.
7. BUSD borrowings on Cross Margin suspended from September 7, 2023.
8. Cross Margin and Portfolio Margin users can't add BUSD as new collateral from October 19, 2023.
9. Withdrawals of Binance-Peg BUSD tokens cease on various networks from September 7, 2023.
10. Deposits/withdrawals of BUSD (ERC-20) tokens via Ethereum network continue until further notice.
11. Manual conversion of BUSD to FDUSD at 1:1 ratio allowed until October 31, 2023, via Binance Convert.
12. After October 31, 2023, users can convert BUSD to FDUSD at market rates using Binance Convert.
13. BUSD-margined perpetual contracts in futures gradually delisted.
14. Users can manually convert BUSD balances in the futures wallet to other supported assets.
15. Simple Earn Flexible Products stop offering BUSD subscriptions from October 13, 2023.
16. Auto-Invest BUSD plan subscriptions discontinue from September 20, 2023, automatically updating to FDUSD plans.
17. Liquid Swap gradually delists BUSD liquidity pools.
18. Dual Investment supports BUSD until December 31, 2023, without new subscriptions thereafter.
19. Flexible DeFi Staking closes all outstanding BUSD positions, returning assets to users by September 14, 2023.
20. BUSD delisted as a loanable asset from Binance Loans (Stable and Flexible Rates) and VIP Loan from September 6, 2023.
21. BUSD delisted as a collateral asset from Binance Loans (Stable and Flexible Rates) from September 6, 2023.
22. BUSD delisted as a collateral asset from VIP Loan from December 13, 2023.
Binance USD (BUSD) is a stablecoin offered by the largest crypto exchange in the world Binance. BUSD is approved for use by the New York State Department of Financial Services (NYDFS).
Name: Binance USD
Ticker: BUSD
Price: $1
Market Cap: $17.88 Billion
1 BUSD is equal to 1 USD by design and investors may incur relatively low charges when buying or selling it. Binance USD is the 19th most valuable crypto in the world.Â
#BinanceSquare #Busd
Name: Binance USD
Ticker: BUSD
Price: $1
Market Cap: $17.88 Billion
1 BUSD is equal to 1 USD by design and investors may incur relatively low charges when buying or selling it. Binance USD is the 19th most valuable crypto in the world.Â
#BinanceSquare #Busd
Binance is Set to Delist Several BUSD Pairs. What you Must do if You're Holding BUSD
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.
#crypto #Busd
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.
#crypto #Busd
Latest news from SEC officially ends investigation into stablecoin issuer Paxos, declares $BUSD is not a security
#Busd
#Busd
