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Top crypto exchange Binance has made a new announcement that might concern Shiba Inu (SHIB), XRP and Cardano (ADA) holders.
Binance says it will be ceasing support for BUSD products on Dec. 15, given that Paxos has halted the minting of new BUSD tokens.
This move by Binance to completely cease support for BUSD will impact the spot trading pairs of several crypto assets, including SHIB, ADA and XRP, which will be delisted.
Binance says it will remove and cease trading on the XRP, SHIB and ADA/BUSD trading pairs on specific dates.
The SHIB/BUSD trading pair will be delisted on Dec. 13 at 3:00 a.m. (UTC), while the ADA/BUSD and XRP/BUSD trading pairs will be delisted on Dec. 15 at 3:00 a.m. (UTC) and 5:00 a.m. (UTC), respectively.
Binance says it will close all open spot orders for the above-mentioned pairs when trading ceases. On the specified dates, Binance will also terminate spot trading bot services for these trading pairs.
To avoid potential losses, users are strongly urged to update and/or cancel their spot trading bots before the stated time.
Binance to disable BUSD withdrawals
Binance has stated that BUSD withdrawals will be disabled on Dec. 31, 2023, although Paxos announced that BUSD will continue to be supported and redeemed until at least February 2024.
Other than users in Japan, France, Italy, Poland and Kazakhstan, all remaining BUSD balances in users' Binance accounts will be automatically changed to FDUSD at a 1:1 conversion rate by Dec. 31.
As a result, users are recommended to withdraw or convert their BUSD tokens to other available assets on Binance, such as FDUSD, by Dec. 15.
Tomiwabold OlajideWithdrawals of BUSD (ERC-20) tokens via the Ethereum network will be stopped, and BUSD withdrawals will be halted.
According to the announcement, withdrawals of Binance-pegged BUSD tokens from the BNB Chain, Avalanche, Polygon, Tron and Optimism networks will also be suspended.
Dual Investment will phase out all BUSD products with settlement dates after Dec. 8, and Simple Earn flexible products for BUSD will be discontinued.
Alex Dovbnya
U.Today Editorial Team
Vladislav Sopov
Dan Burgin