

What You Need to Know About Binance’s New Stablecoin Policy



Binance users' USDC, USDP and TUSD deposits will be auto-converted to BUSD on Sept. 29. Read this story to see how this will affect stablecoin holders.
BUSD Auto-Conversion from Binance
Binance has announced BUSD Auto-Conversion for users' existing balances and new deposits of USDC, USDP, and TUSD stablecoins at a 1:1 ratio, starting on Sept. 29.
Earlier this month, the world’s largest cryptocurrency exchange announced it would convert new and existing deposits of USDC, USDP and TUSD into Binance’s stablecoin BUSD.
Here are the main things you need to know about the change:
- Existing USDC, USDP, and TUSD balances in user accounts will be automatically converted to BUSD on Sept. 29 at 3 a.m. UTC. Users will see the converted balance on their accounts within 24 hours.
- Any users who wish to convert their USDC, USDP, or TUSD balances to BUSD at a 1:1 ratio before the Auto-Conversion may process it manually on Binance Convert from 3 a.m. UTC Sept. 26 until 3 a.m. UTC Sept. 29. Manual conversion can only be done from USDC, USDP, and TUSD to BUSD and not the reverse during that period.
- The minimum amount for manual conversion is 1 USDC, USDP or TUSD. User balances of less than 1 USDC, USDP or TUSD will be converted during the Auto-Conversion.
- After the Auto-Conversion is completed, users can withdraw USDC, USDP, or TUSD at a ratio of 1:1 from their BUSD balances.
- Binance may amend the list of stablecoins eligible for auto-conversion.
What Is Binance:
Binance positions itself as the world's leading blockchain ecosystem and crypto-asset infrastructure provider with a financial product suite that includes the largest digital asset exchange by volume. The Binance platform aims to increase the freedom of money for users and features a comprehensive portfolio of crypto-asset products and offerings, including trading and finance, education, data and research, social good, investment and incubation, decentralization, and infrastructure solutions.
Website | Twitter | Discord | Telegram
This is a paid press release, BSC.News does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products, or other materials on this page. The project team has purchased this advertisement article for $1500. Readers should do their own research before taking any actions related to the company. BSC.News is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods, or services mentioned in the press release.
This is a paid press release, BSC.News does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products, or other materials on this page. The project team has purchased this advertisement article for $2500. Readers should do their own research before taking any actions related to the company. BSC.News is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods, or services mentioned in the press release.
Author
Related News


Binance Founder CZ Barred from Leaving U.S. Amidst Sentencing Uncertainty

The judge ordered a stay on a condition allowing Zhao to return to the United Arab Emirates until the court reviews the government's motion.
In a significant development, Judge Richard Jones ruled that Changpeng Zhao (CZ), the former chief of Binance, must remain in the United States pending his sentencing. The decision overturns a condition that would have allowed CZ to return to his residence in the United Arab Emirates, pending the resolution of the Government’s motion for review.
Prosecutors raised concerns about CZ being a flight risk, pointing to his substantial wealth and the absence of an extradition treaty between the UAE and the U.S.
This comes in the aftermath of Binance's $4.3 billion fine for violating anti-money laundering measures, leading to CZ's agreement to step down as CEO. Facing a potential sentence of up to 10 years, CZ's legal team argued that he willingly appeared in court once and is likely to do so again.
Prosecutors countered, emphasizing CZ's substantial wealth outside the U.S. and the lack of an extradition deal between the U.S. and the UAE. Additionally, CZ's special status in the UAE, having obtained 'citizenship by invitation,' added complexity to the legal deliberations.
CZ's Exit from Binance and Legal Settlement
The ongoing legal battle follows CZ's decision to step down as CEO of Binance on Nov. 21 as part of a settlement with the Department of Justice (DoJ). The DoJ suggested that CZ's flight risk could be "manageable" if he remained in the country, proposing that detention might not be necessary during the waiting period.
Further, the latest filings indicate a potential shift in the DoJ's stance, with the possibility of pushing for a maximum sentence of 10 years instead of the initially expected 12-18 months.
CZ, who pleaded guilty to one felony count related to Binance's Anti-Money Laundering program, is currently free to travel within the U.S., secured by a $175 million bond, until his sentencing in February 2024.
This is a paid press release, BSC.News does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products, or other materials on this page. The project team has purchased this advertisement article for $1500. Readers should do their own research before taking any actions related to the company. BSC.News is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods, or services mentioned in the press release.
This is a paid press release, BSC.News does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products, or other materials on this page. The project team has purchased this advertisement article for $2500. Readers should do their own research before taking any actions related to the company. BSC.News is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods, or services mentioned in the press release.
Follow us on Twitter and Instagram!
If you need tools and strategies regarding safety and crypto education, be sure to check out the Tutorials, cryptonomics explainers, and Trading Tool Kits from BSC News.
Looking for a job in crypto? Check out the CryptoJobsNow listings!
Author

Try Now!

Sign up Now
Coming Soon

WIN BIG

Coming Soon

Start Earning Today!

Earn Now
Coming Soon

Sign Up Now

Play & Mine!
Coming Soon
Editors Choice
Other Currencies
- nameLTBuyLitecoin
Sponsored
Buy Crypto with Fees as low as 0%
Buy Crypto with a bank transfer, credit or debit card, P2P exchange, and more. Not investment advice. All trading risk. Terms apply.
£0£0+0% - nameLTBuyEOS
Sponsored
Buy Crypto with Fees as low as 0%
Buy Crypto with a bank transfer, credit or debit card, P2P exchange, and more. Not investment advice. All trading risk. Terms apply.
£0£0+0% - nameLTBuyMonero
Sponsored
Buy Crypto with Fees as low as 0%
Buy Crypto with a bank transfer, credit or debit card, P2P exchange, and more. Not investment advice. All trading risk. Terms apply.
£0£0+0% - nameLTBuyBitcoin Cash
Sponsored
Buy Crypto with Fees as low as 0%
Buy Crypto with a bank transfer, credit or debit card, P2P exchange, and more. Not investment advice. All trading risk. Terms apply.
£0£0+0%