The situation in the crypto market is changing due to recent events in Binance. Ari10 is ending support for the BUSD stablecoin.
If you are a user of Ari10 Exchange, read the information below!
Binance’s Strategic Pivot — The Sunset of BUSD
Recent days have brought significant changes to the cryptocurrency landscape. The announcement by Binance, one of the largest crypto exchanges, about ending support for its stablecoin, BUSD, triggered a market reaction! This strategic shift aligns with the need to stay compliant with emerging regulatory frameworks. However, Binance’s decision to stop supporting BUSD primarily comes from Paxos company, the issuer of the stablecoin, that will no longer back it starting from February 2024.
In response, Binance introduced a new stablecoin — First Digital USD (FDUSD), a reserve-backed (by 1:1 dollar and other highly liquid assets) stablecoin issued by Hong Kong-based company First Digital Trust Limited.
Consequences for Ari10 Exchange Users
For Ari10 Exchange users, this change means they need to take action. If you hold funds in BUSD on the Ari10 Exchange online platform, you need to withdraw them (and convert them into other digital assets) or sell them for fiat. It’s important to remember that trading BUSD (buy/sell) will only be possible until the end of September. After this deadline, all operations related to this stablecoin will be blocked, and only withdrawal of funds in BUSD to another wallet will be possible.
We’d like to note that trading of BUSD at Cryptoterminal’s stationary crypto exchanges and the purchase option for this stablecoin on Ari10 Gateway will cease by the end of September too.
Final Moment
Attention to important dates! By the end of September, you won’t be able to trade (buy or sell) BUSD on the Ari10 Exchange. From that point on, you can only withdraw your BUSD.
It’s important to note that Paxos, the supporting company for BUSD, will stop its backing in February 2024. After this, any unsold or unswapped BUSD might become worthless!
Always be vigilant. In the crypto realm, timelines can shift rapidly. For your peace of mind, we strongly advise you to either sell or withdraw your BUSD from Ari10 Exchange as soon as possible.
Ari10 is making every effort to support its users during this time of change, and we also encourage you to carefully follow announcements and deadlines.