Binance, a leading global cryptocurrency exchange, is nearing the discontinuation of its BUSD stablecoin, transitioning to FDUSD. This decision follows a directive from the New York Department of Financial Services (NYDFS) to Paxos, the issuer of BUSD, to halt its minting in February 2023. The move marks a significant shift in Binance's stablecoin strategy, with all eligible BUSD balances in users' Spot and Funding Wallets being converted to FDUSD at a 1:1 ratio. Despite these changes, BUSD token deposits continue, but withdrawals are no longer supported. This transition is part of Binance's broader compliance efforts, especially in the US market, in response to a lawsuit from the Commodity Futures Trading Commission (CFTC) for allegedly offering unregistered crypto derivative products. Binance ended BUSD support on December 15, 2023, allowing users to redeem their BUSD until February 2024
