Binance to End BUSD Support by February 2025: What You Need to Know
Binance, a leading cryptocurrency exchange, has announced it will terminate support for Binance USD (BUSD) by February 2025. This decision follows Paxos, issuer of BUSD, halting the minting of new BUSD tokens earlier this year.
Key Dates and Actions for BUSD Holders
Binance recently announced that it will ”gradually” end support for its native BUSD stablecoin. The world’s top exchange will remove the stablecoin from spot and margin trading pairs. Users are encouraged to withdraw or convert their BUSD holdings before the deadline. While Binance announces it will terminate support for BUSD, encouraging users to convert to other stablecoins by February 2025, it's crucial to understand the timeline.
- February 2025: Binance will stop support for its stablecoin Binance USD, aligning with the token's issuer Paxos on its planned timeline to halt support for the token. The Binance will phase out support for the BUSD stablecoin by February 2025, encouraging conversion to another stablecoin called FDUSD.
- September 7th, 2025: Binance-Peg BUSD withdrawals will stop. Take note, this is *after* the main support ends in February.
Paxos's Role and Redemption
Issuer Paxos halted the minting of new BUSD earlier in the year. Paxos has stated that BUSD will remain supported by Paxos and redeemable through at least February 2025. This means you can redeem your BUSD directly with Paxos until that date. Remember to verify all details directly with Paxos.
What Happens Now?
Binance encourages users to convert their BUSD to other stablecoins, particularly FDUSD. While Binance has announced it will stop supporting the BUSD stablecoin by February 2025, you have options. You can either convert your BUSD to another cryptocurrency or withdraw it. Don't delay! Start planning your transition from BUSD now.