In a move aimed at safeguarding its users against potential risks, SunCrypto has made the decision to delist the Binance USD (BUSD) stablecoin. This significant change is scheduled to take effect on December 15, marking the suspension of BUSD-related trade, deposits, and withdrawals on the platform.
Timeline:- The BUSD/INR pair will be delisted on 15 Dec at 05:00 PM (IST). Apart from that, all trades, deposits, and withdrawals will be closed effectively from the specific date. You are given until December 15th at 5 PM IST to sell your BUSD holdings as per your plans, before all transactions are closed.
Reason Behind the Delisting
The rationale behind this decision stems from recent developments in the crypto landscape, particularly the announcement by Paxos, a leading regulated blockchain and tokenization infrastructure platform.
In February 2023, Paxos announced the termination of its association with Binance for the BUSD, citing forthcoming actions directed by the New York Department of Financial Services (NYDFS). Specifically, Paxos will cease the issuance/minting of new BUSD tokens, commencing from February 21, 2023, as mandated by regulatory directives.
Evaluation and Decision
SunCrypto values the trust and confidence placed in its platform by its users. The decision to delist BUSD was made to proactively protect users from potential inconveniences and financial risks associated with the discontinuation of BUSD support. The exchange prioritizes maintaining the highest standards of security and reliability for its user base.
While this decision may impact users who currently engage with BUSD on the SunCrypto platform, the exchange apologizes for any inconvenience caused. Users are encouraged to explore alternative stablecoin options available on SunCrypto. Moreover, the support team is readily available to address any queries or concerns users may have during this transition phase.
This move aligns with SunCrypto’s commitment to ensuring a secure and user-centric environment within its platform. The exchange remains dedicated to providing a seamless and trustworthy crypto trading experience for its global user community.
SunCrypto has sent the request to delist BUSD to its technical team. We would request our users to sell whatever holding they have before delisting and invest in their funds.
For further information or assistance regarding the delisting of BUSD or alternative stablecoin options, users are encouraged to reach out to the SunCrypto support team via the provided contact details.
Disclaimer: Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. You may reach out to ?help.suncrypto.in or ?8604860498.