Cryptocurrency exchange Binance has asked users to convert their BUSD stablecoins into other crypto assets available on the site by February 2024.

The company previously said it would end support for BUSD in 2024. The decision was made amid numerous lawsuits related to the coin. In March, Binance stopped using BUSD in the User Asset Protection Fund (SAFU). Funds were transferred to TUSD and USDT stablecoins. This is due to the termination of the issuance of BUSD by Paxos.

“Since Paxos has stopped issuing new BUSD, Binance will phase out support for BUSD products. Announcements will be posted for all affected services,” the company wrote.

Binance has stated that it will continue to support multiple stablecoins and digital assets on its platform. Users are encouraged to convert their BUSD to other available crypto assets on Binance before February 2024.

“Users can exchange their BUSD balances to FDUSD with zero trading fees, or convert their BUSD balances to FDUSD at a 1:1 rate,” the statement said.

In July, Binance disabled five trading pairs with BUSD. The company called the reason for this decision “optimization of Binance offers” – the site gradually began to abandon its stablecoin in favor of other tokens.