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Binance is limiting the service of BUSD so they are encouraging their customers to convert their Busd to other stablecoins by February 2024. So if you have Busd, then convert it to other stablecoins. According to Binance's new announcement, they will delist all the Busd pairs which they are already doing, they have delisted many trading pairs including spot, futures. So to minimize your risk, if you have busd, exchange them to other stablecoins, because after this news, anything can happen with busd as we have experienced many incidents since last year. Binance and Paxos both claim Busd backed by 1:1 USD. So they are working to prioritize their customers' funds. I also read the announcement of paxos where it said to end the relationship with binance.

https://i.postimg.cc/xT82F6VW/Screenshot-2023-09-01-131649.png

Binance's Announcement : https://www.binance.com/en/support/announcement/binance-encourages-users-to-convert-busd-to-other-stablecoins-prior-to-february-2024-d392843e81fd4bc3a5f7e219aa01f34d

Paxos Announcement : https://paxos.com/2023/02/13/paxos-will-halt-minting-new-busd-tokens/

We are discussing about it on this thread: Binance removing support for BUSD (https://bitcointalk.org/index.php?topic=5465163.msg62773115#msg62773115)

Since we have heard the announcement, people should know that they should not hold BUSD anymore. I am not a fan of BUSD like I said on that thread, I have zero BUSD.

I think this is a good thread to let people know that they should convert their BUSD to a better coin like bitcoin.

I didn't notice that thread. I only bring this news to the attention of traders who still have BUSD. I don't own any BUSD either, I've always kept my distance from this stablecoin.

But it was a stablecoin with a top marketcap so it is conceivable that they had a large number of users. Binance once tried their best to make BUSD equal to USDT on their platform, they didn't give much importance to other stablecoins, and now BUSD is being delisted from their platform! But Binance never wants to lose the power to control the market, now they are very actively promoting FUSD which means they are moving from BUSD to FUSD now. I also think now traders should convert their BUSD to Bitcoin.  ;D

Hmm Yeah Op, well that was sad news because I really defended BUSD as one of the more preferred stable coins in my view because of their reputation in the market and I used to say it's Binance you should know what it meant when this term is used in this crypto world. So a Newbies posted a topic for the stablecoins and his leanings after posting another thread. On that thread, I made a very promising post for the BUSD but what a coincidence after the day passed the very next day Binance made this announcement and I was like what? Haha, why Binance is this is what you give to the BUSD supporters?

And this is why not being a fan of any crypto project, always being positive about that project can lead to bad results. However, so far crypto users have not lost because Binance is giving the option to convert BUSD to other stablecoins, but if any BUSD user does not convert his BUSD to other stablecoins after the time announced by Binance, then it remains to be seen what will happen to them.

So there has come a time when it is risky to suggest any project other than Bitcoin because no one can predict when a project will disappear from the market. So Bitcoin should be preferred to hold most of the funds, the project seems super trusted today, there is no guarantee that the project will not make any unexpected announcement the next day.

Have final decision with BUSD removing in Binance exchange but will all trading pair supported with BUSD remove? its difficult how stable coins like BUSD get trouble and any detail deadline for converting BUSD to other stable coins? most pair of my altcoin trading trough BUSD and Binance still opening with all coins with BUSD trading pair, need give announcement to Binance user about deadline day with BUSD removing and they will convert assets to other stable coins.

Right now Binance have many kinds of stable coins from TUSD until FUSD but I don't interested converted BUSD to both stable coins and will priority to USDT, all my trading pair for upcoming day will trade with USDT and seems risk after Binance warning with BUSD removing in their exchange platform.

If this is coming truly from Binance official website or platform then it is strongly advisible that we take our asset away from BUSD to bitcoin for our good, this can also happen to any other cryptocurrency or stablecoin and we don't know which is next to go bankrupt or get liquidated for any reason, bitcoin investment does not have the fear of missing out which other cryptocurrencies gives with having uncertainties about them.

I think USDT and BNB has more than done so well that during the time I think, when Binance announced about the depairing of BUSD from its trading pairs, so many persons expressed how the never liked BUSD to begin with.
Kudos on the development, and although I had mistakingly spot traded to BUSD instead of USDT at one time, I saw how high the rate was then as compared to USDT I would have normally opted for but had to use it consecutively after failing to change my trading pair to USDT.

There has to be some good reason for this, either the new york state wanted this, or the SEC did but someone must have asked for this. The usual situation could have been different a bit if there was any problems but there are no problems at the moment neither. Its also still backed, so I hope people do not rush to sell and create a chaos, it should be no problems at all at the current moment. I hope that it gets to a point where they end up finding some other company to do something like this, there is really no reason to just give up. BUSD should have stayed, I do not care what paxos is doing, if they are not doing it, someone else should have picked it up and continued.

The stable coin that intended to be for Binance now, they're dropping its support. The given timeframe is a long period of time for everyone to convert all their BUSDs into another stable coin.

There's a huge community already for this stable coin and they don't think of it because they still have BNB and its own exchange.

Maybe after the given timeframe, we're going to start seeing it depeg.

If thats the case then the only stable reliable for now are usdt, usdc and dai. Im not fan of others whom just shown up like the tusd of Justin Sun and Fdusd. The support for other stablecoins is much good in my opinion. Well we cant do about the busd case probably due to regulations issue. Its just unfortunate cause busd is good to use ad pairing since Binance has no fees for that. But since theyll be taking it out, I wonder if they will have the same privilege using other stables like tusd or fdusd.

when United States started tracking them, I realized that BUSD will not be a good stablecoin investment. It is good that they were given a about 1 year, but I believe that all trading pairs for BUSD will be canceled before 2024, so you will only be able to convert them to USDT.
With this announcement, it is a disclaimer of any responsibility beyond February 2024, which is almost a year since the SEC began investigating Paxos for printing BUSD, so I do not think that BUSD will be de-pegged if its value is less than $1, otherwise it may cause more legal problems for Binance, which is trying to avert the eyes of authorities.

Binance may delist all BUSD trading pairs soon, and Binance has been delisting BUSD trading pairs for the past few months, they have delisted all BUSD pairs for futures trading. According to Binance's new announcement, BUSD users will be able to convert their BUSD to other stablecoins until February 2024, which can be considered as a deadline until the new announcement. Because we don't know what will happen after February 2024 to those BUSD users who fail to convert their BUSD within this deadline.

Even if Binance removes all trading pairs of BUSD, they may keep the convert option enabled, so that users can convert their remaining BUSD by depositing it to Binance. Therefore, in the next announcement, Binance will update whether they will decide according to the situation and whether they will extend the deadline.

I believe Binance will delete all those trading pairs before February 2024 because if they only allow their users to convert BUSD to other stable coins till that time, it's not logic to have trading pairs for BUSD. Till February 2024, there are some months and till have enough time for many changes. I don't hope anything but I won't surprise if eventually BUSD will still be on Binance as well as BUSD trading pairs. This market is hard to believe but if you are worry, just convert your BUSD and stop trading any cryptocurrency that only has BUSD pair.

Months ago, Binance delisted USDT trading pairs and many cryptocurrencies pumped a lot when Binance listed them again in BUSD pair a few weeks later. Is it a joke and internal trading manipulation from Binance?

This should actually be discussed in a discussed in a few places. Since some people never visit the altcoin forums having a discussion there will limit the number of people seeing it. Here in trading and in the Binance exchange discussion are also good places to talk about it. This way come next year we will have a lot fewer posts of people freaking out about it. Don't get me wrong, people will still get burned and burned badly, but the more it's out there the fewer will be hit.

-Dave

This could be an important thing to care about. We are talking about a whole company, has a product that has been purchased with billions of dollars, closing down shop due to government pressure. This is a big deal and I think it should be important to realize that we are going to see a lot more of this in the future as well.

I hope that it gets to a point where we need to make sure that it is not doing that well, it should be considering it a bit different on the long run and should be doing fine. I get that BUSD is not the only one, but how do we know that USA will not pressure USDT into doing the same thing? What happens if they attack every stablecoin and then make their own CBDC and force everything else to close shop?

Why is Binance starting to promote this First Digital USD (FDUSD)? And they do have this promo when you trade your BUSD to FDUSD (zero fees), it means they are promoting this FDUSD for me. There are other lots of stablecoins that have already been in the market for a long time and are already trusted by many, like USDT or USDC.

They are repeating the same strategy which used to shill BUSD in the past.

In the past, both BUSD on Binance Smart Chain BSC and USDT on TRC20 chain were free in withdrawal fee on Binance. After a while, Binance let their customers familiarized with BUSD a little bit till a time they decided to shill BUSD more seriously. At that time, what did Binance do?

They charged withdrawal fee on USDT on TRC20 chain and with BUSD on Binance Smart Chain, it was still free in withdrawal fee. Now they are repeating it with BUSD and FDUSD.

Binance Adjusts Withdrawal Fees for BUSD and USDT on Selected Networks (2021) (https://www.binance.com/en/support/announcement/binance-adjusts-withdrawal-fees-for-busd-and-usdt-on-selected-networks-ff82416efab0438db233f018d90cfadb)

After that adjustment, Binance increased fee on USDT TRC20 more.

People should look for a decentralized alternative like DAI if that ever happens. It is possible that they will also try to limit the movement of such products, but I believe it will be impossible to kill all of them. That does sound bleak, but you can also opt to hold BTC only. There might be some sacrifice like slower trading speed but it should protect your privacy to some extent, unless you're trading on a KYC platform. That being said, it is not surprising that Binance is getting attacked left and right.

Who knows?
I searched around, and I did not find any link between Binance and FD121. Probably, FD121 paid a good amount of money to Binance to promote their Stablecoin so they gate more holders and/or FDUSD users. Or, FD121 might be a sister company of Binance. Maybe or maybe not. I can think only FD121 is promoting their coin through Binance, and this is the only thing that makes more sense than other speculations.

I really think this is coming for sure and this is the first step, if they can really force the hand of binance which is one of the most important companies on this market, then how long is it going to take for the US government to force the hands of every single company out there and force them to accept their CBDC?

In that case we may be left with only decentralized stable coins and I really think the US will attack those coins as well as it is on their best interests that everyone uses their new version of fiat.

Currently the BUSD was good coin,the stable coin was listed against the BUSD and USDT.Since the BUSD can be convert to USDT without any loss,the trader can convert their holding BUSD to USDT.So they can buy the stable coin using the BUSD and convert to all the stable coin.The stable coin only give huge return to the trader in long run.Since the BUSD itself the good coin,many traders holding BUSD compared to the ETH,BTC.If the new US government had made the law in favour of cryptocurrency in 2024,the cryptocurrency will rule this world.

I do not think this is a good thing. You have until February 2024 before binance lifts full responsibility for this currency, which is about 5 months, and by then its price may be less than $1. Therefore, if you have any of them, start selling now. The trading pairs for this currency have become much lower. Which means that demand will decrease, and this means it is impossible to maintain the price of one dollar in the future or at any time after February 2024.

The first is BUSD, what will be the next one? Although I am a Bitcoin believer, I don't care about stablecoins but while converting our assets for profits, we do really need stablecoins to better understand the amount that we are making. Or to keep a stable value while we wait for the next opportunity to buy.
Binance has been going through some tough times and maybe this is the result of that. But it makes me wonder, what if this is not the case and they are targeting BUSD for no particular reason? What if it is only the tip of the iceberg?

As the governments do not want a massive adaptation of crypto or Bitcoin, they will take any possible measure to prevent if from happening. Maybe BUSD is just the start. What's coming next? Is it really good or bad? Well, let's see what happens. It's only a matter of time.

I'm not surprised that the government came after BUSD. Binance heavily shilled BUSD and were seriously fronting it. For an exchange that powerful to spearhead the rise of their own stablecoin, it didn't seem right. Given the fact that Binance delisted and eliminated USDC from their platform and bumped up the fees for TRC20 withdrawal of USDT (along with other networks) which used to be Zero but kept withdrawal fees for BUSD free.

The reason for BUSD clampdown by regulators is pretty straightforward to me.

Binance is the reason behind its own downfall. Seems reasonable to me but what if it's only the tip of the iceberg? As I said before, there could be other reasons behind this. They came up with something of their own. The government wants something that they can control. So they launched CBDC. Stablecoins are the only thing that directly challenges the CBDC.

Well, these things don't matter too much. You are already under the control of a centralized entity. You will just change the entity that will control you. From a centralized company to the government.

As they have stated clearly, Bitcoin does not carry any security, unlike other altcoins that they are targeting specifically. So I have nothing to fear. Bitcoin forever.

Hmm, CBDC's well, buddy it doesn't matter for now at least currently what we are looking at is how Binance will take up their strategy to service as for the stablecoin BUSD I think it won't create any void in the market as there are already projects coving up the space. I would like to ask how Binance is the reason for the


Well, there's a point that what matters to you if you are already using a KYC-approved Binance account and using their service for the Stable currency, even if it gets replaced by CBDC who cares?

Hmm for the Bitcoin I would say it's not Bitcoin forever its Bitcoiners forever.

It might be that it's just the tip of the iceberg, we never can tell (yet) . Binance already has an active lawsuit and I don't think the SEC will deploy it's resources to go after binance if there is nothing sketchy in their books or operations. As with all other centralized entities and intermediaries in the space, it's better to stick with what works ~ That's self custody.

This was actually the last one because other stable coins have already collapsed before. Some are lucky to survive but I think the people's trust towards them are not the same anymore. When converting, we can convert immediately to the currency that we prefer without needing to go for stable coin first.

Also, we can identify if how much we are going to make, even without the help of the stable coins. We can as well buy a crypto directly using different currencies and not really a stable coin. Binance could be going through tough times but the issue of BUSD is a different one. I don't think they target BUSD for no reasons because Binance will just ignore them. This news was bad of course but we need to carry on.

I think that when the CBDC appears on the market, there will be no need to force the exchanges to listing it, since the exchanges themselves will be interested in this. Because CBDC is the same USD and no one will be able to compete with it at this stage in terms of its reliability.

I am just curious what happen if the user didn't know about this news, are they can't redeem the BUSD after February 2024?

Maybe Binance no longer support convert busd to other stablecoin but I do believe there is still much of there on Decentralized Finance Exchange. Like pancakeswap and 1inch.