Big news for Shiba Inu (SHIB), XRP, and Cardano (ADA) holders as the leading crypto exchange, Binance, has just made an important announcement that could impact these cryptocurrencies.
Binance has shared news that they will stop supporting BUSD products from December 15. This decision is due to Paxos, the issuer, pausing the creation of new BUSD tokens.
Binance Ends BUSD Support: Impact on SHIB, ADA, XRP Pairs
In a significant move, Binance has decided to completely halt its support for BUSD, affecting spot trading pairs for various crypto assets, including SHIB, ADA, and XRP, which will be delisted. Binance has outlined specific dates for the removal of these trading pairs.
The SHIB/BUSD trading pair is set to be delisted on December 13 at 3:00 a.m. (UTC), while ADA/BUSD and XRP/BUSD trading pairs will be delisted on December 15 at 3:00 a.m. (UTC) and 5:00 a.m. (UTC), respectively. Binance plans to close all open spot orders for these pairs and terminate spot trading bot services on the specified dates.
To prevent potential losses, Binance strongly advises users to update or cancel their spot trading bots before the designated times. This move by Binance marks a significant shift in its support for BUSD and has implications for traders involved in SHIB, ADA, and XRP trading pairs on the platform.
Binance Ends BUSD Support: User Changes and Recommendations
In a recent update, Binance has declared that BUSD withdrawals will be disabled by December 31, 2023. However, it’s worth noting that Paxos, the issuer of BUSD, has affirmed its commitment to supporting and redeeming BUSD until at least February 2024.
For users outside of Japan, France, Italy, Poland, and Kazakhstan, any remaining BUSD balances in their Binance accounts will automatically convert to FDUSD at a 1:1 rate by December 31. To manage this transition, users are advised to withdraw or convert their BUSD tokens to alternative assets available on Binance, such as FDUSD, before December 15.
Several changes will be implemented as part of this transition. Withdrawals of BUSD (ERC-20) tokens via the Ethereum network will cease, and overall BUSD withdrawals will be halted. Additionally, withdrawals of Binance-pegged BUSD tokens on networks like BNB Chain, Avalanche, Polygon, Tron, and Optimism will also be temporarily suspended.
Dual Investment is set to phase out all BUSD products with settlement dates after December 8. Simultaneously, Simple Earn flexible products for BUSD will be discontinued. These changes signify a significant shift in Binance’s approach to BUSD and call for user attention to manage their holdings accordingly.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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