As per an official app notification, Binance will cease support for BUSD in 2024, with Paxos discontinuing BUSD redemptions by February 2024. Consequently, Binance will gradually phase out its support for BUSD.
On February 13, 2023, Paxos announced that it had received guidance from the New York Department of Financial Services (NYDFS) to halt the issuance of new BUSD tokens starting from February 21. Since December 2022, the market capitalization of BUSD has experienced a significant decline. BUSD is a 1:1 USD-backed stablecoin that was approved by the New York State Department of Financial Services (NYDFS) and was issued in collaboration with Paxos. At its peak, BUSD had a maximum circulation of 23 billion USD.
Tokens exclusively traded in BUSD trading pairs on the Binance exchange might be exposed to the risk of delisting from the Binance platform.