Binance to cease BUSD lending services by October 25
Binance is carrying out a phased termination of BUSD-related services. BUSD withdrawals via various blockchain networks were suspended last month. Binance is currently locked in a legal battle with the US Securities and Exchange Commission (SEC). In a significant development within the cryptocurrency exchange sphere, Binance has officially announced the discontinuation of borrowing and lending services for its native stablecoin, Binance USD (BUSD). The move is part of a phased termination of BUSD-related services, culminating in a complete cessation expected by February 2024. Shutting down BUSD lending As per the announcement made on October 3, 2023, Binance is set to shut down BUSD borrowing and lending services by October 25, 2023. The exchange will close all outstanding BUSD loan and collateral positions by the end of the month. Users who have been utilizing BUSD for lending purposes will now have to explore alternative stablecoins, such as Tet...