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Important Update for Binance Users Holding SHIB, ADA, and XRP

Posted on by CryptoCoinstart News Report
Important Update for Binance Users Holding SHIB, ADA, and XRP
29
Nov

Introduction

Top cryptocurrency exchange Binance has recently made a significant announcement that directly impacts holders of Shiba Inu (SHIB), XRP, and Cardano (ADA). The exchange has decided to cease support for BUSD products, affecting several trading pairs, including SHIB, ADA, and XRP.

Binance Ceases Support for BUSD

Binance has officially declared that it will stop supporting BUSD products starting from December 15, 2023. This decision follows Paxos’ halt in minting new BUSD tokens.

Users are advised to take note of this announcement and can trade or convert their BUSD balances for $FDUSD at zero trading fees. For detailed information, refer to Binance’s official announcement here.

Impact on Spot Trading Pairs

The complete cessation of support for BUSD by Binance will lead to the delisting of spot trading pairs involving various cryptocurrencies, including SHIB, ADA, and XRP.

  • The SHIB/BUSD trading pair will be delisted on Dec. 13 at 3:00 a.m. (UTC).
  • The ADA/BUSD and XRP/BUSD trading pairs will be delisted on Dec. 15 at 3:00 a.m. (UTC) and 5:00 a.m. (UTC), respectively.

Binance will close all open spot orders for the affected pairs and terminate spot trading bot services on the specified dates. Users are strongly urged to update or cancel their spot trading bots before the stated time to avoid potential losses.

Important Dates and Actions

  • BUSD withdrawals will be disabled on Dec. 31, 2023.
  • Remaining BUSD balances, excluding users in specific countries, will be automatically converted to FDUSD at a 1:1 conversion rate by Dec. 31.
  • Users are recommended to withdraw or convert their BUSD tokens to other available assets on Binance, such as FDUSD, by Dec. 15.
  • Withdrawals of BUSD (ERC-20) tokens via the Ethereum network will be stopped.
  • Withdrawals of Binance-pegged BUSD tokens from various networks, including BNB Chain, Avalanche, Polygon, Tron, and Optimism, will also be suspended.
  • Dual Investment will phase out all BUSD products with settlement dates after Dec. 8.
  • Simple Earn flexible products for BUSD will be discontinued.
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