Binance will end support for BUSD stablecoin in December
Major cryptocurrency exchange Binance will end support for all Binance USD (BUSD) products from Dec. 15, following Paxos' decision to stop minting new coins. Users are advised to withdraw or convert their existing BUSD before this date as withdrawals for BUSD will also be disabled from Dec. 31. This move ties in with Binance's previous decision to gradually phase out support for its own stablecoin, BUSD. In February, the United States Securities and Exchange Commission suggested BUSD was an unregistered security, resulting in Paxos being ordered to halt its issuance. Binance was also required to pay $4.3 billion in a settlement with U.S. authorities. BUSD's market cap has since dropped by more than 92% from its peak of $23.3 billion in November 2022 to about $1.7 billion.
