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Binance encourages users to convert BUSD to other stablecoins

Crypto exchange Binance urged users to convert Binance USD (BUSD) stablecoin to other “stablecoins” available on the trading platform due to the fact that Paxos stopped issuing new BUSD, writes RBC Crypto.

“Binance will continue to support multiple stablecoins and digital assets on its platform. Users are advised to convert their BUSD assets to other available assets on Binance before February 2024,” reads the message exchanges.

Users can exchange assets in BUSD to FDUSD with zero commission or convert them at a 1:1 rate, the company said.

The capitalization of the BUSD coin peaked on November 14, 2022 and amounted to approximately $23.5 billion, but by the beginning of this year it had decreased by almost 30%, falling to $16.5 billion. This was due to the general collapse of the crypto market amid the bankruptcy of the FTX exchange.

In February, the US Securities and Exchange Commission (SEC) told Paxos that it plans to sue it for violating investor protection laws. According to the regulator, the BUSD stablecoin is an unregistered security.

In March, Binance transferred SAFU client relief fund assets from BUSD to two other stablecoins, TrueUSD and Tether USD (USDT).

Source: Cryptocurrency

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