Binance is adding BUSD Auto-Conversion for users’ existing balances and new deposits of USDC, USDP, and TUSD stablecoins at a 1:1 ratio to improve liquidity and capital efficiency. From 2022-09-29 03:30 UTC, users will trade on the Binance Platform with a consolidated BUSD balance that represents their converted balances of these four stablecoins (BUSD, USDC, USDP, and TUSD).
Users will still be able to take out money in USDC, USDP, and TUSD at the same rate as their account balance in BUSD.
Here is the plan and schedule for converting assets
On 2022-09-29 03:30 (UTC), all USDC, USDP, and TUSD account balances will be automatically converted to BUSD (“Auto-Conversion”). Within 24 hours, all users will be able to check their accounts to see how much money they have in the new currency.
Users can manually convert their USDC, USDP, or TUSD balances to BUSD at a 1:1 ratio until 2022-09-29 03:00 UTC via the Binance Convert service (UTC). From 2022-09-26 03:00 (UTC) to 2022-09-29 03:00 (UTC), you can manually convert USDC, USDP, and TUSD to BUSD, but not the other way around (UTC).
Please keep in mind that the lowest amount you can change USDC, USDP, and TUSD to is 1. As part of the Auto-Conversion feature, balances that are less than 1 USDC, USDP, or TUSD are automatically changed. There is nothing that you need to do.
Once the Auto-Conversion is done, users will be able to take 1:1 amounts of USDC, USDP, or TUSD out of their BUSD accounts.
Binance could change the list of stablecoins that can be converted automatically.
If the translated versions and the English version disagree with each other, the English version will win.
Please know that because of this information, the following changes will be made.
Spot:
At 3:00 UTC on September 26, 2022, Binance will stop trading on the following spot trading pairs: USDC/BUSD, USDC/USDT, USDP/BUSD, USDP/USDT, TUSD/BUSD, and TUSD/USDT.
On September 29, 2022, at 3:00 UTC, Binance will stop trading on the following spot trading pairs:
BNB/USDP, BTC/USDP, ETH/USDP, ADA/TUSD, BNB/TUSD, BTC/TUSD, TRX/TUSD, and XRP/TUSD.
After the conversion is done, users will be able to look at their USDC, USDP, and TUSD balances under the BUSD-denominated account balance.
After each currency pair has stopped trading, all pending orders will be deleted right away. The related assets can then be traded using the corresponding BUSD trading pairs.
As of 2022-09-07 03:00 UTC, Binance USDS-M Futures will no longer accept USDC as a margin asset in Multi Asset Mode or Portfolio Margin Program (UTC).
At 3:00 UTC on September 29, 2022, the Binance USDS-M Futures Wallet will automatically convert USDC assets to BUSD (UTC). The conversion will take around twenty-four hours. The exchange rate between USDC and BUSD is one to one.
Important notes:
To avoid possible losses, users are strongly discouraged from adding positions during the conversion period. Due to the conversion of funds, Binance is not responsible for any losses that may come from new positions opened during this time.
Portfolio Margin Program users should move USDC from their Margin Wallet to their Spot Wallet and, if needed, increase their margin balance before September 23, 2022, at 3:30 UTC (UTC). Users should keep an eye on Uni-MMR to avoid liquidation, which could happen if USDC is taken out of the Margin Wallet.
Binance will stop lending on margin for USDC/BUSD (Cross & Isolated), TUSD/USDT (Isolated), and USDC/USDT (Cross & Isolated) on September 7, 2022 at 3:00 UTC (UTC). After that, Binance will stop allowing margin trading on these pairs, and at 2022-09-23 03:00 UTC, any open margin positions will be closed (UTC).
Binance will no longer offer margin lending for the following pairs: BTC/USDC (Cross & Isolated), EOS/USDC (Cross & Isolated), ETH/USDC (Cross & Isolated), ETH/USDC (Cross & Isolated), ETH/USDC (Cross & Isolated), LTC/USDC (Cross), XRP/USDC (Cross & Isolated (UTC). Binance will stop margin trading on the above currency pairs at 3:00 UTC on September 27, 2022. Any open margin positions will be closed (UTC).
Important notes
Users are strongly encouraged to get rid of their positions before margin trading ends to avoid possible losses.
At the times listed, Binance will close all open positions, do an automated settlement, and cancel any open orders on the above currency pairs.
Savings & Staking
Binance will stop selling subscriptions to USDC Flexible Savings and DeFi Staking on September 23, 2022, at 3:00 p.m. (UTC). On the same day, all USDC that customers have subscribed to Flexible Savings and DeFi Staking will be automatically redeemed and put into their spot wallets.
Liquid Swap
On 2022-09-23 03:30 UTC, Binance Liquid Swap will close the USDC/USDT liquidity pool and automatically move all user assets in the USDC/USDT liquidity pool to their spot wallets (UTC). Before the automatic redemption, you can choose to redeem your assets on your own.
Convert
From 2022-09-26 03:00 (UTC) to 2022-09-29 03:00 (UTC), users will still be able to manually convert USDC, USDP, and TUSD to BUSD at a 1:1 ratio (UTC). At 02:00 UTC on September 26, 2022, Binance Convert will get rid of all linked USDC, USDP, and TUSD pairs (UTC).
Credit for Crypto
Binance Crypto Loans will no longer accept USDC as a loanable asset or collateral asset after 2022-09-07 03:00 UTC (UTC).
Please be aware that Binance will cancel and liquidate USDC loan orders on 2022-09-23 03:30 UTC. This includes orders with USDC as borrowable and USDC as collateral (UTC).
Binance Pay
On September 12, 2022, at 02:00 UTC, Binance Pay will stop offering USDC, USDP, and TUSD (UTC).
Binance Gift Card
No more USDC and TUSD gift cards can be made, but unredeemed USDC and TUSD gift cards can still be exchanged for USD and TUSD until 2022-09-29 06:00 UTC (UTC). At the given time, however, the coins that were redeemed will automatically be changed into BUSD. All USDC and TUSD gift cards that are not redeemed by 2022-09-29 06:00 (UTC) will be changed to BUSD when they are redeemed.
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