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Global crypto exchange Binance announced on Oct. 3 that it will end support for Binance USD (BUSD) borrowing and staking positions by Oct. 25, 2023. This closure appears to be part of a wider plan to phase out the troubled stablecoin, as regulatory scrutiny intensifies.
Binance has urged its users to convert their BUSD holdings to First Digital USD (FDUSD) as part of the gradual phasing out of support for the stablecoin. The exchange reassured its users that BUSD would remain backed 1:1 by USD until its support ends in February 2024.
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