EDUSELL
Financial Market Examiner
Midas Crypto Vault
  • Home
  • Education
  • Forex News
  • Crypto News
  • Stocks
  • Reviews
No Result
View All Result
  • Home
  • Education
  • Forex News
  • Crypto News
  • Stocks
  • Reviews
No Result
View All Result
Financial Market Examiner
No Result
View All Result
Home Crypto News

Binance Switches To Multiple Stablecoins Discontinues Auto-Conversion Policy

Admin by Admin
March 13, 2023
in Crypto News
0
Binance, The World's Biggest Crypto Exchange, Is Under Investigation In The US
0
SHARES
11
VIEWS
Share on FacebookShare on Twitter
MMC MMC

 Binance will now support multiple stablecoins and discontinued its Binance USD (BUSD) Auto-Conversion policy introduced last September. The move surprisingly came after Circle’s USDC stablecoin depeg due to $3.3 billion exposure to failed Silicon Valley Bank.

According to an official announcement on March 11, Binance has stopped its BUSD Auto-Conversion of new deposits of USDC, USDP, and TUSD stablecoins. Users will not be able to withdraw USDC, USDP, or TUSD from their BUSD balances.

Moreover, users can convert their BUSD to USDC or USDP at a 1:1 ratio through the Binance Convert feature until 06:00 AM UTC on March 18. Users can also covert BUSD balances to TUSD manually on Binance Convert, but Binance is yet to announce a deadline for TUSD conversion.

Notably, TUSD, USDC, or USDP conversion to BUSD is not valid as Binance earlier announced ending BUSD support as Paxos stopped minting BUSD after U.S. regulators ordered the firm.

Binance has also added multiple stablecoins to support the crypto community following Circle’s USDC depeg. Users can trade on new spot trading pairs BNB/TUSD, BTC/TUSD, ETH/TUSD, TUSD/USDT, USDC/USDT, and USDP/USDT.

Last year, Binance ended support for competing stablecoins including USD Coin (USDC), USDP, and TUSD for enhancing liquidity and capital efficiency for users. This led to a rise in BUSD dominance and other stablecoins such as USDT and USDC market cap continued to fall.

Binance CEO believes that U.S. regulators started an anti- Binance campaign to end its dominance in the crypto market fearing foreign control. Regulators have also opposed the acquisition of bankrupt crypto lender Voyager Digital assets to Binance.US, a U.S.-based arm of Binance.

Share on TwitterTweet
Share on Pinterest Share
Share on LinkedIn Share
Share on Digg Share
Tags: BinanceCryptoStablecoins
Institutional Trading Concept Institutional Trading Concept Institutional Trading Concept
ADVERTISEMENT
Previous Post

Is Vitalik Buterin Supporting USDC Amid Heavy Depegging?

Next Post

Some Crypto Funds Confident Of USDC Recovery Amid SVB Contagion

Admin

Admin

Next Post
Regulations Governing Tokenized Deposits and Crypto Assets in South Africa Set to Effect in January 2025

Some Crypto Funds Confident Of USDC Recovery Amid SVB Contagion

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Stay Connected

  • 99 Subscribers
  • Trending
  • Comments
  • Latest
yen and dollar

FOREX-Yen Flirts With Intervention Level As Dollar See Gains

October 11, 2022
AUD USD pair

Forex: AUD/USD Point To More Downside For The Aussie

October 20, 2022
Mayowa Owolabi on battles traders need to fight

Battle Every Trader Must Fight (Part 1)- Mayowa Owolabi

August 31, 2022
Virtual stadium in the metaverse

Why Virtual Stadium Can Be the Next Big Thing in the Metaverse

January 26, 2023
EUR/USD pair

EUR/USD Recovers from 20-year Lows

2
What is Initial Coin Offering?

Initial Coin Offering (ICO)

0
What is staking?

Staking

0

Defi (Decentralized Finance)

0
Celsius Sets End Of April As New Deadline For Proof Of Claim

Celsius Sets End Of April As New Deadline For Proof Of Claim

March 27, 2023
XRP Lawyer Doubts If UK’s FCA Follows US SEC In Crypto Law

XRP Lawyer Doubts If UK’s FCA Follows US SEC In Crypto Law

March 27, 2023
Regulations Governing Tokenized Deposits and Crypto Assets in South Africa Set to Effect in January 2025

Regulations Governing Tokenized Deposits and Crypto Assets in South Africa Set to Effect in January 2025

March 27, 2023
Bitcoin To $1 Million: Ex-Coinbase CTO Assures Off Bet

Bitcoin To $1 Million: Ex-Coinbase CTO Assures Off Bet

March 27, 2023

Recent News

Celsius Sets End Of April As New Deadline For Proof Of Claim

Celsius Sets End Of April As New Deadline For Proof Of Claim

March 27, 2023
XRP Lawyer Doubts If UK’s FCA Follows US SEC In Crypto Law

XRP Lawyer Doubts If UK’s FCA Follows US SEC In Crypto Law

March 27, 2023
Regulations Governing Tokenized Deposits and Crypto Assets in South Africa Set to Effect in January 2025

Regulations Governing Tokenized Deposits and Crypto Assets in South Africa Set to Effect in January 2025

March 27, 2023
Bitcoin To $1 Million: Ex-Coinbase CTO Assures Off Bet

Bitcoin To $1 Million: Ex-Coinbase CTO Assures Off Bet

March 27, 2023
Financial Market Examiner

Get all the latest Financial Market (Crypto & Forex) news, updates and other relevant resources here.

Follow Us

Browse by Category

  • Crypto News
  • Education
  • Forex News
  • Gaming
  • Review
  • Reviews
  • Stocks
  • Uncategorized

Recent News

Celsius Sets End Of April As New Deadline For Proof Of Claim

Celsius Sets End Of April As New Deadline For Proof Of Claim

March 27, 2023
XRP Lawyer Doubts If UK’s FCA Follows US SEC In Crypto Law

XRP Lawyer Doubts If UK’s FCA Follows US SEC In Crypto Law

March 27, 2023

© 2022 Financial Market Examiner. - Designed by Mayconcept Solutions.

No Result
View All Result
  • Home
  • Education
  • Forex News
  • Crypto News
  • Stocks
  • Reviews

© 2022 Financial Market Examiner. - Designed by Mayconcept Solutions.

?>