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.
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.
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.
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.
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FMAS:24 | Sneak Peak
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Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africaβs premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
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20-22 MAY 2024
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