In a significant development that will impact a substantial portion of its user base, Binance, the world’s leading cryptocurrency exchange, has announced the discontinuation of support for Binance USD (BUSD), a stablecoin pegged to the US dollar.
This decision, prompted by the halting of BUSD minting by Paxos, will have far-reaching implications for traders and holders of various crypto assets, including Shiba Inu (SHIB), Cardano (ADA), and XRP.
Read Also: Binance Makes Big Adjustment to Expand Support For XRP. Here’s What It Means For Holders
Effective December 15, 2023, Binance will cease support for all BUSD products, including spot trading, margin trading, and futures trading. This decision will result in the delisting of several spot trading pairs involving BUSD, including SHIB/BUSD, ADA/BUSD, and XRP/BUSD.
The specific delisting dates for these trading pairs are as follows:
– SHIB/BUSD: December 13, 2023, at 3:00 AM (UTC)
– ADA/BUSD: December 15, 2023, at 3:00 AM (UTC)
– XRP/BUSD: December 15, 2023, at 5:00 AM (UTC)
Binance will automatically close all open spot orders for these trading pairs upon their respective delisting dates. Additionally, spot trading bot services for these pairs will be terminated on the specified dates.
Binance will disable BUSD withdrawals on December 31, 2023. However, Paxos has assured users that BUSD will remain supported and redeemable until at least February 2024.
To ensure a smooth transition, Binance will automatically convert all remaining BUSD balances in users’ accounts to FDUSD, another stablecoin pegged to the US dollar, at a 1:1 conversion rate. This conversion will take place on December 31, 2023, and will affect all users except those in Japan, France, Italy, Poland, and Kazakhstan.
Binance strongly urges users to take proactive measures to manage their BUSD holdings before the aforementioned deadlines. Users are advised to:
– Withdraw or convert their BUSD tokens to other available assets on Binance, such as FDUSD, by December 15, 2023.
– Update and/or cancel their spot trading bots for SHIB/BUSD, ADA/BUSD, and XRP/BUSD trading pairs before the stated delisting times.
Read Also: Shiba Inu (SHIB) and XRP Holders Need to Take Note of This Binance Announcement
The discontinuation of BUSD support is expected to have a notable impact on the liquidity and trading volume of SHIB, ADA, and XRP. As BUSD is a widely used stablecoin for trading these assets, its removal from Binance’s platform may lead to decreased trading activity and potentially affect their prices.
Binance’s decision to cease support for BUSD marks a significant shift in the cryptocurrency landscape. While the impact on SHIB, ADA, and XRP remains to be seen, it is clear that traders and holders of these assets will need to adapt to the new trading environment.
As the cryptocurrency market continues to evolve, the effects of this decision on SHIB, ADA, and XRP will be closely monitored by investors and enthusiasts. The coming months will provide valuable insights into the resilience and adaptability of these digital assets in response to changes in the trading environment.
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