Binance removing support for BUSD

[Taskford]

...Now that this eventually came true as they are finally removing the support of BUSD, it would potentially affect Binance especially the BNB coin. But we will see regarding their upcoming developments over the next few months.

And what connection can there be between BNB and stablecoin, the issuer of which was Paxos? A month ago, Binance switched to promoting another stablecoin - FDUSD, which took BUSD place in Launchpool Cyber and SEI. There can be no vacuum in business and FDUSD appeared instead of BUSD.

That's right its just they are just shifting to more better and adaptable stable coin since BUSD might be affected to recent SEC issue so avoid any conflict they maybe see FPUSD as better option to avoid any problem and drive out  some possible pressure made by legal authorities. If we talk about bad effect well I agree with nothing will happen since binance is doing great job for deciding this current situation.

[EFS]

BUSD go, FDUSD come, FDUSD go, XDUSD come... It doesn't really matter to end user as they are all stablecoins with 1:1 backed real USD.
If you aren't in a coma and are following the market, you can exchange your stablecoins for the new one without losing any value. It's not a big deal I suppose.

[cryptoaddictchie]

but everyone always think BUSD is owned by Binance. If the name of this stable coin isn't BUSD, there must be a sudden dump because many people will panic.

I think everyone should convert all of their BUSD into other popular stable coin right now.

This is quite confusing actually. Before I really thought that BUSD is owned by binance since its name after their exchange though the fact that it is owned by Paxos then its a different story. Personally I think CZ should did a deal with them about this beforehand since the community might think of this as well and they wouldny trust the new stablecoin they are introducing.

[tvplus006]

...Personally I think CZ should did a deal with them about this beforehand since the community might think of this as well and they wouldny trust the new stablecoin they are introducing.

Now it is very difficult to hide the issuer of any stablecoin from the public, since all the necessary information is publicly available. But, of course, the name Binance USD (BUSD) obviously misled many and, accordingly, many believed that the issuer was the Binance cryptocurrency exchange. The new stablecoin, which has become a replacement for BUSD, is the new stablecoin FDUSD, the issuer of which is a trust company from Hong Kong First Digital Group. Accordingly, Binance has become a little further away from the SEC, but closer to the Asian regulatory authorities.

[cryptoaddictchie]

The new stablecoin, which has become a replacement for BUSD, is the new stablecoin 111, the issuer of which is a trust company from Hong Kong First Digital Group. Accordingly, Binance has become a little further away from the SEC, but closer to the Asian regulatory authorities.

Maybe it is a good move so SEC would stop some allegations more on Binance but sincr I dont have much info on this new one thanks for the heads up. So Asian move now. I think thats good isnt it? Hongkong is a pro crypto so they would definitely connect to larger platform like Binance. It just unfrotunate that we need to let go of that BUSD cause its already marked in every trader out there. Is it possible to retain the name of BUSD but just change the issuer? So it would still fit for used on Binance exchange or this is possible only once the old busd taken down by Paxos.

[tvplus006]

...Is it possible to retain the name of BUSD but just change the issuer? So it would still fit for used on Binance exchange or this is possible only once the old busd taken down by Paxos.

It is possible that the use of the BUSD stablecoin name is restricted by law and we do not know for certain in whose name this trademark is registered. And if Binance planned to use this name in the future, it would happen right now, when the new stablecoin FDUSD is being introduced on the exchange.

[Oilacris]

...Is it possible to retain the name of BUSD but just change the issuer? So it would still fit for used on Binance exchange or this is possible only once the old busd taken down by Paxos.

It is possible that the use of the BUSD stablecoin name is restricted by law and we do not know for certain in whose name this trademark is registered. And if Binance planned to use this name in the future, it would happen right now, when the new stablecoin FDUSD is being introduced on the exchange.

They would come and go and this isnt new thing which if there's one that would be removed then expect that there's always a possible catch in the end. This is what i had noticed out that BUSD would be discontinued to be supported with Binance on the time that i had bought BUSD or have some conversions in Binance platform on which it did really make out that kind of announcement or alert about
discontinuation of supporting for this stablecoin. I thought Binance is the only ones who do create it out but did make out some search and find this.

What Is Binance USD (BUSD)? BUSD is a fiat-backed stablecoin issued by Binance and Paxos. Each BUSD token is backed 1:1 with US dollars held in reserve.
Source

[Rivaldine]

I think this has more to do with compliance than incompetency or being incapacitated. The unleash of suits on Binance in recent times has forced the world's leading exchanger to review certain features within its nest. CZ is trying to be careful not to have issues as it looks like he's the only man still standing strong and processing loads of transactions.

[livingfree]

I think this has more to do with compliance than incompetency or being incapacitated. The unleash of suits on Binance in recent times has forced the world's leading exchanger to review certain features within its nest.

They have stated that it's because of the pressure that were charged against them by the regulation. But yeah, it's also likely that based on that reasoning, it has some connections with compliance.

CZ is trying to be careful not to have issues as it looks like he's the only man still standing strong and processing loads of transactions.

He's too small nowadays not to notice and he's got a lot of competitions already that's why it's up to the regulators to give him some hard time in compliance.

Or who knows if these are like some hints that's passed on to the regulators from his competitors. Needless to say, BUSD holders have got less than half month to trade their BUSD assets.

[wallet4bitcoin]

Too much suits filed against loads of projects is bringing the crypto space to a different tracjectory. As projects are springing up to help better the ecosystem, so are suits springing up from different locations to challenge the structure that is gradually being achieved.

Binance shutting down its BUSD token is a serious concern for the blockchain space and I urge the key players to keep a close watch on the happeings to avoid an implosion.

[Rimueng]

https://twitter.com/binance/status/1697159019234791909


"As Paxos has halted minting of new BUSD, #Binance will now gradually remove support for the stablecoin on our platform."

So, Binance, which was trying to use BUSD for everything on their platform and make it much bigger than USDT, they are now removing support for the BUSD on their platform.
They literally used BUSD to pump their BNB and raise more BNBs with it. Kind of fishy overall.

If you're not a fan of busd due to centralization issues, this update reduces that source of worry. It is possible that during this time busd users or traders in busd pairs are starting to run out of space. But it doesn't matter as long as there is USDT instead. I myself prefer USDT. In my opinion, it doesn't matter if there is no busd pair on Binance.

[dansus021]

I think binance creating a new stablecoin with a different name and different company it is called FDUSD First Digital USD this is just my opinion since BUSD fail and Binance war with the SEC BUSD is out from the paxos and creating new companies in HongKong https://firstdigitallabs.com/ since binance is always pump FDUSD with high APR staking and lot other.

[Ultegra134]

I think binance creating a new stablecoin with a different name and different company it is called FDUSD First Digital USD this is just my opinion since BUSD fail and Binance war with the SEC BUSD is out from the paxos and creating new companies in HongKong https://firstdigitallabs.com/ since binance is always pump FDUSD with high APR staking and lot other.

FDUSD is already running on Binance and is being promoted on Launchpads, along with TUSD and BNB. Moreover, it's now offering a 10% APY bonus for up to $1,000 in their "Earn/Staking" section. However, is there any proof to back such a claim? Although I understand your point that it's heavily promoted, it's best not to jump to conclusions without being able to confirm the validity of such statements. Personally, apart from what you've mentioned, which is merely a suspicion, I don't see any link between Binance and First Digital Limited, the issuer of FDUSD. On top of that USDT is also being promoted and having boosted APYs, thus, I don't think your claim is enough to come up with such a conclusion.