Binance to Stop Supporting BUSD Stablecoin, Citing Regulatory Concerns
• Binance will stop supporting its BUSD stablecoin on Dec. 15, following its August announcement of gradual phase out • Users can still redeem their BUSD until February 2024, but withdrawals halt on Dec. 31 • Any remaining BUSD will automatically convert to FDUSD after Dec. 31 • BUSD trading volume has dropped from $900M in August to just under $400M currently • Binance stablecoin faced regulatory scrutiny; new CEO committed to complying with laws