- Philippine Digital Asset Exchange (PDAX) is delisting Binance USD (BUSD) from its platform due to Binance’s decision to gradually cease support for BUSD starting in February 2024.
- PDAX users are advised to convert or withdraw their BUSD balances before October 27, 2023, as BUSD will no longer be supported on the PDAX platform after this date.
- BUSD, a stablecoin launched by Binance and Paxos, is solely issued by Paxos, and its issuance was ordered to halt by the New York State Department of Financial Services (NYDFS) in February 2023.
Philippine Digital Asset Exchange (PDAX), a homegrown cryptocurrency exchange, recently announced that it will soon be delisting Binance USD (BUSD) on its platform, following the announcement of the token’s issuer of ceasing support.
PDAX BUSD Delisting
According to PDAX, the decision was made after Binance announced that it will be gradually ceasing support for the US dollar-pegged stablecoin beginning in February 2024.
“As a part of our efforts to ensure that you have full control over your assets, we advise that you convert your BUSD to any cryptocurrency of your choice available on PDAX, convert them directly to Philippine peso (PHP), or withdraw your assets and transfer them to another platform,” the exchange noted.
PDAX users are hereby advised to convert or withdraw their BUSD balances before October 27, 2023. After this date, BUSD will no longer be supported on the PDAX platform.
Accordingly, the exchange noted that the process of transferring assets to another platform may vary depending on the platform’s policies and procedures. The exchange encourages its users to take note of the receiving platform’s processes and guidelines on BUSD and asset transfers before transferring their assets.
PDAX advised that in the event that their users do not withdraw or exchange their BUSD assets on the aforementioned date, the exchange will automatically convert their assets to PHP based on the prevailing exchange rate at the time of conversion.
In the Q3 of 2022, the exchange listed BUSD into its platform where it was noted to be “among the most dominant stablecoins in the market, trailing only behind other stablecoin giants Tether (USDT) and USD Coin (USDC)”.
BitPinas sought more information from PDAX but has yet to provide a comment at the time this article is published.
What is BUSD?
Binance and Paxos launched BUSD in 2019. Although it is a Binance-branded stablecoin pegged to the US dollar, the exchange is not involved in its issuance, as the token is solely issued by Paxos.
In February 2023, the New York State Department of Financial Services (NYDFS) ordered Paxos Trust Company to halt the issuance of its stablecoin, BUSD.
Binance is also under intense scrutiny from global regulators after the U.S. Securities and Exchange Commission filed a case against the company and its CEO Changpeng Zhao.
Recent PDAX News
In April, PDAX and UnionBank partnered in a referral program that allows UnionBank to endorse PDAX’s crypto services and digital solutions to its B2B clients. This partnership offers UnionBank customers exclusive access to PDAX’s crypto services, which can enhance their banking experience.
Last May, the exhange implemented a four-phased system switch in May to improve the user trading experience. The switch involved migrating app functions to a more efficient backend system, which simplified the trading experience and reduced maintenance downtimes. The switch also enabled PDAX to incorporate additional features and is expected to enhance user satisfaction.
In July, Nichel Gaba, the CEO of PDAX, was a guest on a BitPinas webcast where he shared his insights on banking, cryptocurrency, and the Anti-Money Laundering Act (AMLA).
- PDAX CEO Shares How PH Crypto Exchanges Implement AML Rules
- Why Traditional Banks Are Often Not Crypto-Friendly
- Bitpinas Webcast: PDAX CEO Tackles Anti-Money Laundering Act
- PDAX CEO Reveals: XRP, Stablecoins Favored by Remittance Firms to PH
This article is published on BitPinas: Local Cryptocurrency Exchange PDAX Delists Binance USD (BUSD)
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