In a significant development, Binance has announced the discontinuation of support for Binance USD (BUSD) products, effective December 15, 2023. This decision comes in response to Paxos halting the minting of new BUSD. It is crucial for users to be aware of the following key details:

What You Need to Know:

1. Withdraw or Convert Before December 15, 2023:

Users are strongly encouraged to take action by withdrawing or converting their BUSD assets into alternative assets available on Binance before December 15, 2023.

2. Options for BUSD Balances:

Trade at Zero Fees: Users have the option to trade their BUSD balances for FDUSD at zero trading fees.

Convert on Binance Convert: BUSD balances can be converted to FDUSD on Binance Convert at a 1:1 conversion rate with zero fees.

3. BUSD Withdrawals Disabled After December 31, 2023:

Withdrawals of BUSD will be disabled after December 31, 2023, at 03:00 (UTC). Remaining BUSD balances (excluding users in specific regions) will be automatically converted to FDUSD at a 1:1 conversion rate.

4. Collateral Conversion:

Collateral assets of Binance-Peg BUSD will be converted to FDUSD at a 1:1 conversion rate, anticipated around December 2023.

Binance's Commitment:

Binance emphasizes that BUSD will continue to be backed 1:1 by USD, and Paxos has committed to supporting BUSD through at least February 2024. This decision aligns with Binance's commitment to transparency and providing users with a seamless experience.

Source:Binance Announcement