Crypto exchange Binance has announced that they will stop supporting their stablecoin, BUSD, from 2024. Despite being ranked in the top 5 stablecoins with a market cap of $3.1 billion, BUSD has had to face several allegations from US regulators.
Earlier in the year, the US Securities and Exchange Commission (SEC) sued Paxos Trust Company for minting BUSD without proper licensing, labeling them as unregistered securities. This forced Paxos to stop printing new BUSD since February 21.
It is with a heavy heart that Binance will be phasing out their support of the BUSD stablecoin, entering its final phase in February 2024. In the meantime, Binance will probably look for new alternative stablecoins as their stablecoin in the future.
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