Cryptocurrency exchange Binance has announced that it will stop supporting its BUSD stablecoin in 2024. The decision was made amid numerous lawsuits related to the coin.
“Paxos will stop supporting BUSD in February 2024. Binance will also gradually start phasing out support for the stablecoin,” the company said.
The exchange administration urged its users to transfer BUSD to other coins. At the same time, BUSD is still one of the five largest stablecoins – the market capitalization of the coin is $3.10 trillion.
In March of this year, 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 under pressure from regulators.
In July, Binance disabled five trading pairs with BUSD. The company called the reason for this decision “optimization of Binance offers” – the site is gradually abandoning its stablecoin in favor of other tokens.
