BUSD users will be able to convert Busd to other stablecoins until February 2024

[ScamViruS]

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.



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/

[Oshosondy]

We are discussing about it on this thread: Binance removing support for BUSD

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.

[ScamViruS]

We are discussing about it on this thread: Binance removing support for BUSD

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. 

[Hamza2424]

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?

[ScamViruS]

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.

[armanda90]

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.

[348Judah]

Binance is limiting the service of BUSD so they are encouraging their customers to convert their Busd to other stablecoins by February 2024.

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.

[Cryptomultiplier]

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.

[Captain Corporate]

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.

[jossiel]

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.

[cryptoaddictchie]

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.

[Husires]

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.

[ScamViruS]

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.

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.

[tbct_mt2]

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.

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?

[DaveF]

We are discussing about it on this thread: Binance removing support for BUSD

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.

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

[el kaka22]

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?

[GreatArkansas]

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.

[tbct_mt2]

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)

Binance will adjust BUSD and USDT withdrawal fees on selected networks at 2021-02-20 0:00 AM (UTC):

BUSD (BEP20) withdrawal fees via Binance Smart Chain to be set as 0.
USDT (BEP20) withdrawal fees via Binance Smart Chain to be lowered to 0.1 USDT.
USDT (TRC20) withdrawal fees via TRON to be adjusted to 0.2 USDT, and the full list can be found here: Withdrawal Fee Schedule.

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

[joniboini]

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?

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.

[Learn Bitcoin]

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.

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.