The crypto exchange Loans service will stop accepting BUSD stablecoin on 25 October.
By February 2024, the exchange plans to withdraw support for its token completely.
Changpeng Zhao
More than
nine months after regulatory turmoil in the United States undermined the future
of Binance's stablecoin, the exchange has decided to withdraw from its lending
completely. According to an official statement released this week, Binance USD
(BUSD) loans will be suspended as of 25 October 2023. This is another step
towards the complete termination of token support, which is planned for
February of next year.
Binance Pulls Out of BUSD
Lending
The latest
statement announced that the Binance Loans service will close all existing BUSD
loans and collateral positions by 25 October. The platform is urging users to
repay any impacted loans before 07:59 (UTC) on the final date to avoid
potential losses.
Binance
Loans will continue to support other stablecoins, including FDUSD, which it is
currently promoting as an alternative to BUSD. Until now, users could borrow
their own BUSD tokens at a projected annual interest rate of 3%.
This
was the first time the exchange encouraged its users to transfer the stablecoin
to other tokens, including FDUSD launched by the Hong Kong-based First Digital
Group in June.
Despite
promoting FDUSD over BUSD, the stablecoin that has existed for several months
is still far less popular than Binance's own token. The current market
capitalization of BUSD is $2.24 billion, while FDUSD's is only $406 million.
BUSD vs. FDUSD. Source: Coinmarketcap.com
However,
looking at transaction volumes, the latter is more active. Transactions worth
$1.3 billion are carried out using FDUSD within a day whereas daily
transactions for BUSD are worth about $500 million.
The
exchange ultimately aims to halt support for BUSD by February 2024 completely.
However, Binance stated that BUSD will always maintain a 1:1 peg with the
stablecoin.
It All Started with Paxos
Issues
Binance
will withdraw support for its stablecoin a year after the cryptocurrency firm Paxos
faced a lawsuit from the Securities and Exchange Commission over violations of
user protection regulations. Additionally, a separate lawsuit against the
company was filed by the New York Department of Financial Services (NYDFS).
In the
meantime, Binance encountered several other regulatory hurdles, including
issues with handling traditional currencies. As Finance Magnates
reported in late September, Binance is suspending EUR operations offered
through Paysafe. Earlier in May, support for GBP payments was suspended.
More than
nine months after regulatory turmoil in the United States undermined the future
of Binance's stablecoin, the exchange has decided to withdraw from its lending
completely. According to an official statement released this week, Binance USD
(BUSD) loans will be suspended as of 25 October 2023. This is another step
towards the complete termination of token support, which is planned for
February of next year.
Binance Pulls Out of BUSD
Lending
The latest
statement announced that the Binance Loans service will close all existing BUSD
loans and collateral positions by 25 October. The platform is urging users to
repay any impacted loans before 07:59 (UTC) on the final date to avoid
potential losses.
Binance
Loans will continue to support other stablecoins, including FDUSD, which it is
currently promoting as an alternative to BUSD. Until now, users could borrow
their own BUSD tokens at a projected annual interest rate of 3%.
This
was the first time the exchange encouraged its users to transfer the stablecoin
to other tokens, including FDUSD launched by the Hong Kong-based First Digital
Group in June.
Despite
promoting FDUSD over BUSD, the stablecoin that has existed for several months
is still far less popular than Binance's own token. The current market
capitalization of BUSD is $2.24 billion, while FDUSD's is only $406 million.
BUSD vs. FDUSD. Source: Coinmarketcap.com
However,
looking at transaction volumes, the latter is more active. Transactions worth
$1.3 billion are carried out using FDUSD within a day whereas daily
transactions for BUSD are worth about $500 million.
The
exchange ultimately aims to halt support for BUSD by February 2024 completely.
However, Binance stated that BUSD will always maintain a 1:1 peg with the
stablecoin.
It All Started with Paxos
Issues
Binance
will withdraw support for its stablecoin a year after the cryptocurrency firm Paxos
faced a lawsuit from the Securities and Exchange Commission over violations of
user protection regulations. Additionally, a separate lawsuit against the
company was filed by the New York Department of Financial Services (NYDFS).
In the
meantime, Binance encountered several other regulatory hurdles, including
issues with handling traditional currencies. As Finance Magnates
reported in late September, Binance is suspending EUR operations offered
through Paysafe. Earlier in May, support for GBP payments was suspended.
Damian's adventure with financial markets began at the Cracow University of Economics, where he obtained his MA in finance and accounting. Starting from the retail trader perspective, he collaborated with brokerage houses and financial portals in Poland as an independent editor and content manager. His adventure with Finance Magnates began in 2016, where he is working as a business intelligence analyst.
How Ripple Pulled Off the Year’s Biggest Crypto Raise While XRP Tumbled 40%
Exness expands its presence in Africa: Inside our interview with Paul Margarites in Cape Town
Exness expands its presence in Africa: Inside our interview with Paul Margarites in Cape Town
Finance Magnates met with Paul Margarites, Exness regional commercial director for Sub-Saharan Africa, during a visit to the firm’s office opening in Cape Town. In this talk, led by Andrea Badiola Mateos, Co-CEO at Finance Magnates, Paul shares views on the South African trading space, local user behavior, mobile trends, regulation, team growth, and how Exness plans to grow in more markets across the region. @Exness
Read the article at: https://www.financemagnates.com/thought-leadership/exness-expands-its-presence-in-africa-inside-our-interview-with-paul-margarites/
#exness #financemagnates #exnesstrading #CFDtrading #tradeonline #africanews #capetown
Finance Magnates met with Paul Margarites, Exness regional commercial director for Sub-Saharan Africa, during a visit to the firm’s office opening in Cape Town. In this talk, led by Andrea Badiola Mateos, Co-CEO at Finance Magnates, Paul shares views on the South African trading space, local user behavior, mobile trends, regulation, team growth, and how Exness plans to grow in more markets across the region. @Exness
Read the article at: https://www.financemagnates.com/thought-leadership/exness-expands-its-presence-in-africa-inside-our-interview-with-paul-margarites/
#exness #financemagnates #exnesstrading #CFDtrading #tradeonline #africanews #capetown
Interview with Jas Shah
Builder | Adviser | Fintech Writer | Product Strategist
In this episode, Jonathan Fine sat down with Jas Shah, one of the most thoughtful voices in global fintech. Known for his work across advisory, product, stablecoins, and his widely read writing, Jas brings a rare combination of industry insight and plain-spoken clarity.
We talk about his first impression of the Summit, the projects that keep him busy today, and how they connect to the stablecoin panel he joined. Jas shares his view on the link between fintech, wealthtech and retail brokers, especially as firms like Revolut, eToro and Trading212 blur long-standing lines in the market.
We also explore what stablecoin adoption might look like for retail investment platforms, including a few product and UX angles that are not obvious at first glance.
To close, Jas explains how he thinks about writing, and how he approaches “shipping” pieces that spark debate across the industry.
Interview with Jas Shah
Builder | Adviser | Fintech Writer | Product Strategist
In this episode, Jonathan Fine sat down with Jas Shah, one of the most thoughtful voices in global fintech. Known for his work across advisory, product, stablecoins, and his widely read writing, Jas brings a rare combination of industry insight and plain-spoken clarity.
We talk about his first impression of the Summit, the projects that keep him busy today, and how they connect to the stablecoin panel he joined. Jas shares his view on the link between fintech, wealthtech and retail brokers, especially as firms like Revolut, eToro and Trading212 blur long-standing lines in the market.
We also explore what stablecoin adoption might look like for retail investment platforms, including a few product and UX angles that are not obvious at first glance.
To close, Jas explains how he thinks about writing, and how he approaches “shipping” pieces that spark debate across the industry.
Vitalii Bulynin Talks About Versus Trade, New Pairs, and Big Plans
Vitalii Bulynin Talks About Versus Trade, New Pairs, and Big Plans
In this interview, Versus Trade Co-Founder Vitalii Bulynin explains how the company got its license fast, why its trading pairs are fresh and fun, and what the team will build next.
He also discusses the most active pairs, the IB and MIB plans, and hiring needs for new markets.
Watch the whole talk to learn more about how Versus Trade works and where it is heading.
#financemagnates #VersusTrade #TradingPairs #BTCvsGold #goldtrading #innovation
In this interview, Versus Trade Co-Founder Vitalii Bulynin explains how the company got its license fast, why its trading pairs are fresh and fun, and what the team will build next.
He also discusses the most active pairs, the IB and MIB plans, and hiring needs for new markets.
Watch the whole talk to learn more about how Versus Trade works and where it is heading.
#financemagnates #VersusTrade #TradingPairs #BTCvsGold #goldtrading #innovation
Marketing in 2026 Audiences, Costs, and Smarter AI
Marketing in 2026 Audiences, Costs, and Smarter AI
As brokers eye B2B business and compete with fintechs and crypto exchanges alike, marketers need to act wisely with often limited budgets. AI can offer scalable solutions, but only if used properly.
Join seasoned marketing executives and specialists as they discuss the main challenges they identify in financial services in 2026 and how they address them.
Attendees of this session will walk away with:
- A nuts-and-bolts account of acquisition costs across platforms and geos
- Analysis of today’s multi-layered audience segments and differences in behaviour
- First-hand account of how global brokers balance consistency and local flavour
- Notes from the field about intelligently using AI and automation in marketing
Speakers:
-Yam Yehoshua, Editor-In-Chief at Finance Magnates
-Federico Paderni, Managing Director for Growth Markets in Europe at X
-Jo Benton, Chief Marketing Officer, Consulting | Fractional CMO
-Itai Levitan, Head of Strategy at investingLive
-Roberto Napolitano, CMO at Innovate Finance
-Tony Cross, Director at Monk Communications
#fmls #fmls25 #fmevents #FintechMarketing #AI #DigitalStrategy #Fintech #Innovation
Connect with us at:
🔗 LinkedIn: / financemagnates-events
👍 Facebook: / financemagnatesevents
📸 Instagram: / fmevents_official
🐦 Twitter: / f_m_events
🎥 TikTok: / fmevents_official
As brokers eye B2B business and compete with fintechs and crypto exchanges alike, marketers need to act wisely with often limited budgets. AI can offer scalable solutions, but only if used properly.
Join seasoned marketing executives and specialists as they discuss the main challenges they identify in financial services in 2026 and how they address them.
Attendees of this session will walk away with:
- A nuts-and-bolts account of acquisition costs across platforms and geos
- Analysis of today’s multi-layered audience segments and differences in behaviour
- First-hand account of how global brokers balance consistency and local flavour
- Notes from the field about intelligently using AI and automation in marketing
Speakers:
-Yam Yehoshua, Editor-In-Chief at Finance Magnates
-Federico Paderni, Managing Director for Growth Markets in Europe at X
-Jo Benton, Chief Marketing Officer, Consulting | Fractional CMO
-Itai Levitan, Head of Strategy at investingLive
-Roberto Napolitano, CMO at Innovate Finance
-Tony Cross, Director at Monk Communications
#fmls #fmls25 #fmevents #FintechMarketing #AI #DigitalStrategy #Fintech #Innovation
Connect with us at:
🔗 LinkedIn: / financemagnates-events
👍 Facebook: / financemagnatesevents
📸 Instagram: / fmevents_official
🐦 Twitter: / f_m_events
🎥 TikTok: / fmevents_official
Fail Better Trading Tech to Tackle Industry Risks
Fail Better Trading Tech to Tackle Industry Risks
Much like their traders in the market, brokers must diversify to manage risk and stay resilient. But that can get costly, clunky, and lengthy.
This candid panel brings together builders across the trading infrastructure space to uncover the shifting dynamics behind tools, interfaces, and full-stack ambitions.
Attendees will hear:
-Why platform dependency has become one of the most overlooked risks in the trading business?
-Buy vs. build: What do hybrid models look like, and why are industry graveyards filled with failed ‘killer apps’?
-How AI is already changing execution, risk, and reporting—and what’s next?
-Which features, assets, and tools gain the most traction, and where brokers should look for tech-driven retention?
Speakers:
-Stephen Miles, Chief Revenue Officer at FYNXT
-John Morris, Co-Founder at FXBlue
-Matthew Smith, Group Chair & CEO at EC Markets
-Tom Higgins, Founder & CEO at Gold-i
-Gil Ben Hur, Founder at 5% Group
#fmls #fmls25 #fmevents #Brokers #Trading #Fintech #FintechInnovation #TradingTechnology #Innovation
Connect with us at:
🔗 LinkedIn: / financemagnates-events
👍 Facebook: / financemagnatesevents
📸 Instagram: / fmevents_official
🐦 Twitter: / f_m_events
🎥 TikTok: / fmevents_official
Much like their traders in the market, brokers must diversify to manage risk and stay resilient. But that can get costly, clunky, and lengthy.
This candid panel brings together builders across the trading infrastructure space to uncover the shifting dynamics behind tools, interfaces, and full-stack ambitions.
Attendees will hear:
-Why platform dependency has become one of the most overlooked risks in the trading business?
-Buy vs. build: What do hybrid models look like, and why are industry graveyards filled with failed ‘killer apps’?
-How AI is already changing execution, risk, and reporting—and what’s next?
-Which features, assets, and tools gain the most traction, and where brokers should look for tech-driven retention?
Speakers:
-Stephen Miles, Chief Revenue Officer at FYNXT
-John Morris, Co-Founder at FXBlue
-Matthew Smith, Group Chair & CEO at EC Markets
-Tom Higgins, Founder & CEO at Gold-i
-Gil Ben Hur, Founder at 5% Group
#fmls #fmls25 #fmevents #Brokers #Trading #Fintech #FintechInnovation #TradingTechnology #Innovation
Connect with us at:
🔗 LinkedIn: / financemagnates-events
👍 Facebook: / financemagnatesevents
📸 Instagram: / fmevents_official
🐦 Twitter: / f_m_events
🎥 TikTok: / fmevents_official
