Binance, to Automatically Convert USDC, TUSD and USDP to BUSD

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In a bid to improve the satisfaction of customers in the area of easy conversion of stablecoins to cash, Binance is bringing up BUSD (Binance USD). This is expected to be encompassing the three stablecoins as it will automatically convert the three stablecoins to BUSD. This new development will affect the new users’ accounts and the existing users’ accounts on the network. BUSD will still be used in the ratio of 1 to 1 as it is with the three stablecoins to the US dollar. The automatic conversion to BUSD is expected to kickstart on the 29th of September. Customers will now be able to trade with the 1 dollar-pegged BUSD on Binance platform after the auto-conversion.

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The automatic conversion to BUSD on the platform will not affect the customers’ ability to withdraw funds in either of the three types of stablecoins. And each of the stablecoins can be withdrawn at the ratio of 1 to 1 of the BUSD.

The Schedules of the Conversion Are as Follows:

  1. Automatic conversion for the existing account of the three stablecoins (USDC, USDP and TUSD) to BUSD will take place on the 29th of September. The balance of each customer, after the conversion process, should be available to them within 24 hours.
  2. Any interested customers who wish to convert their USDP, USDC or TUSD to BUSD before the stipulated date have the chance to do so even before the day scheduled for the Automatic conversion.
  3. Since the conversion is based on the ratio of 1 to 1, the minimum amount for conversion is 1 USDP, 1 USDC or 1 TUSD to 1 BUSD
  4. There may be an amendment of eligible stablecoins fitted for Automatic conversion on the Binance network.

Some Important Notice

  1. Because of this new development, Binance will suspend the spot trading of the following pairs on the 26th of September: USDC/BUSD, USDC/USDT, USDP/BUSD, USDP/USDT, TUSD/BUSD, TUSD/USDT.
  2. Also, on the 29th of September, the spot trading of the following pairs will be stopped: ADA/USDC, ATOM/USDC, AUD/USDC, BCH/USDC, BNB/USDC, BTC/USDC, BTTC/USDC, EOS/USDC, ETH/USDC, LINK/USDC, LTC/USDC, SOL/USDC, TRX/USDC, WIN/USDC, XRP/USDC, ZEC/USDC, BNB/USDP, BTC/USDP, ETH/USDP, ADA/TUSD, BNB/TUSD, BTC/TUSD, ETH/TUSD, TRX/TUSD, XRP/TUSD.
  3. Customers who want to view their account balance, they can do so under the BUSD account.
  4. There will be automatic removal of all pending trades.
  5.  This Auto-conversion will also affect assets in the Binance USD futures wallet.

Notice on Margin

« The offer of margin lending of the cross and isolated USD stablecoins will be stopped. Also, margin trading on the stablecoins will be stopped and all customers’ accounts will be settled.

« Binance will stop giving margin loans on crypto and stable coin pairs

Binance Begins Discussion With Nigeria About Developing Blockchain-Powered Electronic Economy

Notice on Crypto Loan

« USDC is no longer available for borrowing on the Binance crypto loan network. USDC will no longer be available as collateral assets.

« Existing USDC Loan will be closed and customers’ accounts will be settled.

Binance Gift Card

« The creation of TUSD and USDC gift cards will no longer be supported on the network. Also, any of these gift cards yet to be redeemed will be automatically converted to BUSD

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