Crypto exchange Binance has just announced it will stop supporting the stablecoin BUSD and delist it on December 15.
According to the company, Paxos, the issuer of the asset, has stopped issuing it. It should be noted the asset's redemption will be available until February 2024.
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Withdrawals on the stablecoin will be deactivated on December 31, after which the balances of the platform's users, with the exception of Japan, France, Italy, Poland and Kazakhstan will be converted into FDUSD automatically.
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Binance reported back in August it intended to drop support for BUSD due to the NYDFS investigation against Paxos, the asset's issuer.
The capitalization of the stablecoin has been falling since the end of 2022, dropping from $22 billion to the current $1.7 billion.