COINTURK NEWSCOINTURK NEWSCOINTURK NEWS
  • Real-Time News Feed
  • Bitcoin
  • Altcoin
  • Ethereum
  • Technology News
  • Advertise
  • Contact
  • TURTURTUR
  • ESESES
Search
© 2024 COINTURK NEWS. All Rights Reserved.
Reading: Binance Reduces Support for Binance USD Amidst Growing Regulatory Pressure
Share
Languages
  • TürkçeTürkçe
  • EspañolEspañol
Font ResizerAa
COINTURK NEWSCOINTURK NEWS
Font ResizerAa
Search
  • Real-Time News Feed
  • Bitcoin
  • Altcoin
  • Ethereum
  • Technology News
  • Advertise
  • Contact
  • TURTURTUR
  • ESESES
Follow US
© 2025 BLOCKCHAIN Information Technologies. >> COINTURK NEWS
Powered by LK SOFTWARE
COINTURK NEWS > Binance > Binance Reduces Support for Binance USD Amidst Growing Regulatory Pressure
Binance

Binance Reduces Support for Binance USD Amidst Growing Regulatory Pressure

In Brief

  • Binance, still the world’s largest cryptocurrency exchange by trading volume, has made a shocking announcement today. Looking at the details of the announcement shared minutes ago, it is seen that Binance is starting to reduce support for its own stablecoin, BUSD.ContentsBinance Reduces Support for Binance USDBUSD Withdrawals and Deposits Are On Hold Binance Reduces Support […]
COINTURK NEWS
COINTURK NEWS 2 years ago
Share
SHARE

Binance, still the world’s largest cryptocurrency exchange by trading volume, has made a shocking announcement today. Looking at the details of the announcement shared minutes ago, it is seen that Binance is starting to reduce support for its own stablecoin, BUSD.

Contents
Binance Reduces Support for Binance USDBUSD Withdrawals and Deposits Are On Hold

Binance Reduces Support for Binance USD

As expected, the main reason for this is the increasing regulatory pressure and Binance’s ongoing struggles in almost every country. Binance USD, which is introduced as Binance’s own stablecoin and bears the name of Binance, now seems to be gradually abandoned.

It was already known that Paxos, the issuer of BUSD, had stopped issuing new BUSD, and Binance emphasized that they will gradually reduce and end BUSD support on the platform in response to this. While it is stated that BUSD will always have USD support at a 1:1 ratio, it was conveyed that other stablecoins on the platform will gradually take its place.

In the detailed statement made by Binance regarding the issue, it was emphasized that users can exchange their BUSD balances with other assets until February 2024. While it was stated that BUSD can be exchanged for FDUSD without any transaction fees, it was emphasized that there is a 1:1 collateral between BUSD and FDUSD.

BUSD Withdrawals and Deposits Are On Hold

Binance first stated that they will delist BUSD from spot and margin trading. It was stated that separate delist announcements will also be made. Although it is stated that users can actually achieve the same function by turning to other stablecoins, it was announced that Binance will also end BUSD borrowing transactions as of September 7, 2023. Users will no longer be able to use BUSD as collateral for new positions from this date onwards.

As of September 7, BUSD token withdrawals will also be suspended for BNB Chain, Avalanche, Polygon, and Tron networks. Withdrawals based on the Ethereum network will continue until a new announcement is made.

Depositing BUSD tokens via BNB Chain, Avalanche, Polygon, and Tron networks will be supported until a new announcement is made. This move clearly shows that surprise events related to Binance are still happening and Binance’s troubles seem to continue.

You can follow our news on Telegram, Facebook, Twitter & Coinmarketcap
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.

You Might Also Like

Binance Expands Trading Options with New USDC Pairs and Algo Services

Binance Alpha Faces Plummeting Trading Volumes: What Lies Ahead?

Binance Offers Exclusive Chance to Earn RESOLV Coins

Binance’s Latest Report Shows Intriguing Shifts in Crypto Asset Distribution

Binance Announces New Altcoin Listing Despite Market Dip

COINTURK NEWS 31 August, 2023 - 11:35 am 31 August, 2023 - 11:35 am
Share This Article
Facebook Twitter
Share
Previous Article The Impact of Bitcoin ETF Approval on BTC Price: What to Expect
Next Article Google Expands to El Salvador, Partnering with the Government for a 7-Year Strategic Collaboration
Leave a comment

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Stay Connected

8.1k Like
21.1k Follow
1.1k Follow

Latest News

South Korea Sees Crypto Coins Surge as Excitement Spreads
Altcoin News
The Resilient Performance of Cryptocurrency Funds Under Geopolitical Tensions
Cryptocurrency News
Bitcoin Breaks New Ground During Geopolitical Turmoil
Bitcoin (BTC)
How to Earn $1,780 or More Using Whaling Techniques?
Sponsored Article
//

COINTURK was launched in March 2014 by a group of technology enthusiasts who believe that Bitcoin will be as important as the internet in the world of the future thanks to the amazing technology underlying it.

CRYPTOCURRENCY LIVE PRICES

  • Bitcoin (BTC) Live Price
  • Ethereum (ETH) Live Price
  • Ripple (XRP) Live Price
  • Solana (SOL) Live Price
  • Dogecoin (DOGE) Live Price
  • Cardano (ADA) Live Price
  • Chainlink (LINK) Live Price

OUR PARTNERS

  • COINMARKETCAP
  • COINGECKO
  • BITCOINHABER
  • BH NEWS
  • 21MILYON
  • NEWSLINKER

OUR COMPANY

  • About Us
  • Cookie Policy
  • Advertising
  • Contact
COINTURK NEWSCOINTURK NEWS
Follow US
© 2025 BLOCKCHAIN Information Technologies. >> COINTURK NEWS
Powered by LK SOFTWARE
Welcome Back!

Sign in to your account

Lost your password?